Airport, Good for Business, Latvia, Transport

Martin Gauss, Chief Executive Officer of airBaltic: “We are delighted to see that airBaltic ReShape restructuring programme brings consistently better net results every month. We have achieved three consecutive months of profitability in July, August and September, and expect to overachieve our original ReShape targets by the year end. The same period a year ago recorded a deep loss and we are very satisfied to deliver a profitable result for Q3 in 2012.”

The third quarter net profit of LVL 4.8 million was achieved on a turnover of LVL 70.8 million. In the July to September period, airBaltic operated 13 345 flights, or 17% fewer than the same period a year ago, and carried 920 325 passengers.

Earlier this year, airBaltic announced its business restructuring plan airBaltic ReShape to return the airline to profitability and sustainable future development at Riga, which links the Baltic region with destinations in Europe, Middle East and Russia/CIS. airBaltic ReShape outlines the future development of the carrier, including the fleet modernisation, cost optimisation, operational efficiency, revenue enhancement and network improvements. By implementing airBaltic ReShape, the carrier plans improvements of LVL 330 million in the five years 2012-2016. airBaltic ReShape aims to return the carrier to profitability in 2014.

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.