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Tuesday, February 7, 2023

airBaltic decreases its net loss threefold in the first half of 2021

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The Latvian airline airBaltic’s revenue and passenger numbers have significantly decreased as a result of the Coronavirus crisis, and the group suffered a loss of EUR 61.5 million in the first six months of 2021, according to airBaltic’s unaudited consolidated financial results for the first six months of 2021.

“Even though our revenue in the first six months of 2021 has further decreased, this summer has shown more promise, as we managed to carry a greater number of passengers than in the summer months of 2020 and reduce our net loss three times compared to the first six months of 2020,” said Martin Gauss, Chief Executive Officer of airBaltic.

“With the huge cost reductions implemented in 2020 and focused solely on the Airbus A220-300, we are now in a far stronger position for a future return to normalcy. Martin Gauss stated, “airBaltic’s primary aim for the future remains the same – to be the number one carrier in the Baltics, providing the finest connectivity to and from the area.”

The group’s revenue in the first six months of 2021 was EUR 50.0 million, or 40% less than in the same period last year. The number of passengers carried and flights are done by the airline fell by 59% and 51%, respectively.

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