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Saturday, 04.05.2024, 21:04
The Government Grants Support to Riga International Airport
The
company's share capital will be increased by EUR 49.91 mln, and the
amount of dividends for 2019, which will remain at the Airport's disposal,
accounts for EUR 4.51 mln. These steps will promote the Airport's ability
to overcome the crisis caused by the Covid-19 virus and stabilize the
operations of the largest international aviation company in the Baltics.
“Riga
Airport is the main traffic hub in the region, which ensures Latvia's
international accessibility; it manages infrastructure that is strategically
important for national security”, Tālis Linkaits, the Minister of Transport,
comments the government's decision. “I am convinced that once the state of
emergency is lifted, convenient connections in the Baltic region and Europe
will be necessary for both our entrepreneurs and residents. Currently, it is
important to ensure the operation of the Airport in the conditions of reduced
demand, while maintaining the core of aviation professionals who work at the
Airport for the benefit of us all,” the Minister emphasizes.
In 2019,
Riga Airport showed the historically best financial results with the number of
passengers reaching 7.8 mln. The government's decision to suspend international
passenger traffic has had a direct impact on the Airport's operations,
suspending its economic activity almost completely. As compared to the
corresponding period of 2019, the number of passengers served at the Airport dropped
by 99.9% in the first half of April.
Given that
the magnitude of the impact of the Covid-19 crisis is still unknown, the
Airport Board has modelled various economic recovery scenarios and developed a
clear cost-cutting action plan that includes both total operating costs,
including staff costs, and costs of infrastructure development projects.
The
increase of the share capital will allow the Airport to operate efficiently
during the period of emergency and to continue its most important investment
projects.
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