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Tuesday 17.07.2018 | Name days: Aleksejs, Aleksis
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airBaltic significantly reduces corporate losses

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Publicity photoLast year, Latvia’s national airline airBaltic managed to cut its losses by nearly four times. Compared to 2011, airBaltic corporate losses slightly exceed 20 million LVL, Transport Minister Anrijs Matiss admits.

He says that 2011 was not the best year in airBaltic‘s history – losses had reached 84 million LVL. While initial losses for 2012 were estimated at 38 million LVL, actual losses, on the other hand, are expected to be slightly over 20 million LVL, the minister explains.

“This is a notable improvement”, – Matiss concluded. He added that the situation will improve even more in 2013.

As previously reported by the airline’s representative Janis Vanags, airBaltic‘s losses of 2012 will not reach the amount of 38 million LVL and that “the real result will be much better”.

After compiling a full assessment of the second half-year of 2012, the management reported that the expected losses are estimated at 33 million LVL. The reduction was confirmed by financial results of Q3 – one the airline concluded with 4.8 million LVL of net profit.

As previously reported by airBaltic‘s Chief Executive Officer Martin Gauss, airBaltic‘s ReShape plan’s results keep improving every month.

At the beginning of 2012, airBaltic had reported the adoption of a new business ReShape plan in order to recover the company’s profitability and long-term development capabilities.

airBaltic is a joint stock company that was established in 1995. The majority shareholder is Latvian state with 99.8% of stock.

Ref: 102.109.109.6907


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