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Friday 22.09.2017 | Name days: Maigurs, Mārica, Māris
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airBaltic's financial losses reach 19 million

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Martin Gauss

Martin Gauss

Latvian airline airBaltic announces its 2012 audited results. airBaltic has by far surpassed its original business turnaround plans, and is currently on track to reach profitability.

Martin Gauss, Chief Executive Officer of airBaltic says: “We are very confident, as we continue to perform ahead of our plan. Last year, we consistently achieved better net results every month. We improved our consolidated net result by +66 million LVL and our yield by +10% compared to a year earlier. We are ahead of our schedule to reach profitability in 2014.”

airBaltic achieved +15% unit revenue improvements (RASK- revenue per available seat kilometre) over the twelve months of 2012, compared to the same period a year ago, and generated stable revenues of 228.5 million LVL, despite capacity reductions. Compared to 2011, airBaltic’s operating cost was reduced by LVL 58 million to LVL 248 million.

airBaltic serves 60 destinations from its home base in Riga, Latvia. airBaltic offers convenient connections via North Hub Riga to its network spanning Europe, Scandinavia, Russia, CIS and the Middle East. For summer 2013, airBaltic has introduced six new destinations – Prague (Czech Republic), Heviz-Balaton (Hungary), Olbia (Sardinia, Italy), Rijeka (Croatia), Larnaca (Cyprus), and Malta.

Ref: 102.109.109.6999


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  1. Ainars Air Baltic says:

    Bullshit losses are higher and what about the 20 brand new planes not paid yet The bill is probably at latvia taxpayers expenses.

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  2. jj says:

    Maybe you will explain how you work out that losses are higher?

    Also, paying for new planes does not affect the profit or loss!!

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  3. Ilmars says:

    Air Baltic in the 2012 annual reports showed negative capital of over 100 mill lats and short term borrowing of over 75 mill lats , to which we can add current losses of 19 mill lats .
    There is also a long list of litigants against Air Baltic , including 40 mill lats by Lithuanian Airlines , 31 mill lats by BAS , 12 mill lats by Investorbank , and probably others , for which no provision has been made .
    And they have the cheek to crow about only losing another 19 mill lats , flying half empty planes (load factor of 59%) and buying another 20 planes.
    AB is another Parex. The real fault lies with the Government for not closing this flying circus down .

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  4. Expat says:

    You have to remember that airBaltic is too important for Latvia to let it go bust!
    Its a quite big player in Baltics and in Scandinavia and will probably survive and
    start to make some profit in coming years. Without airBaltic Latvia would be just
    a small country that no one would have even heard off. Keep it alive!

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  5. Raimonds says:

    Remarkable article Ilmars .I fully agree with you.

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  6. Oddis says:

    Air Baltic will most likely never make any significant money. Bad owners and badly run. And certainly not too important too shut down. Simply better run airlines will provide passengers to Latvia.

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  7. JPR says:

    They just do not care as long as the taxpayer in reality pays for everything….

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