Airport, Covid-19, Latvia, Tourism, Transport

Business operations of the airport were significantly affected  by the Covid-19 pandemic as international passenger flights were suspended as of March 17.

Thus, the airport's turnover was just EUR 16.697 million, which is by EUR 14.37 million less than planned in the budget. The number of passengers declined to 1.32 million, or 2.34 million passengers or 64% below the target.

The airport in the first quarter and second quarter of this year launched a complex program for cutting costs. The company managed to reduce operational costs by 24%.

The Cabinet of Ministers on April 23 made a decision to invest EUR 49.91 million in the airport's share capital in order to help the company overcome the crisis and stabilize the economic situation in the sector.  Also, the company keeps its dividends worth EUR 4.51 million from last year's profit to cover the loss caused by the Covid-19 crisis and support implementation of the investment projects.

Increase in the number of passengers in the future is directly related with further outbreak of Covid-19, and the country's initiative in relation to controlled and safe travel.

In the first six months of 2019, Riga airport posted EUR 30.833 million in turnover, and EUR 4.308 million in profit.

International Airport Riga is the largest air traffic hub in the Baltic states.