Alliance Aviation Services (AQZ, BUY) have announced that it has executed a contract extension for air charter services to CITIC Pacific Mining Ltd into the new Cape Preston (Sino Iron) Aerodrome facility, increasing the number of services from 16 to 24 per week.
This announcement comes after the recent authorisation by the ACCC of a long term strategic partnership with Virgin Australia and more recently, the 8 June announcement of a contract extension by BHP Iron Ore for flights between Perth and the BHP Iron Ore owned and operated Coondewanna and Barimunya airports.
It represents further confirmation that Alliance is a strong and reliable aviation services operator and partner.
AQZ's investment metrics remain compelling.
We make no changes to our financial forecasts and our $1.20 Target Price. We retain our BUY recommendation.
AQZ Price at posting:
98.0¢ Sentiment: None Disclosure: Held
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