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International Internet Magazine. Baltic States news & analytics Tuesday, 28.05.2024, 02:33

Turnover of Riga Airport contracts 51.2% in January-September

BC, Riga, 09.12.2020.Print version
Riga International Airport closed the first nine months of 2020 with EUR 23.991 million in turnover, which is a 51.2% reduction from the same period last year, and a loss of EUR 8.975 million in contrast to a profit made a year ago, writes LETA, according to information released by the airport. 

The airport's management said that the nine-month turnover this year was EUR 25.267 million short of the target. 

During the accounting period, the airport generated EUR 12.514 million worth of revenue from aviation services, down 60% from the same period in 2019. Ground handling services, the prices of which are regulated, made up the bulk of this revenue. 

The airport's non-aviation services like lease of premises and land, parking services, etc.,  generated EUR 11.477 million worth of revenue, down 36% from the nine months of last year. 

Responding to the steep drop in flights and passenger numbers and accordingly also revenue, the airport has been implementing a comprehensive cost saving program since the start of the coronavirus crisis.

The management intends to slash the airport's costs by 25 as compared to the costs originally planned for this year, including by cutting operating costs by 33% and staff costs by 26%.

In the first nine months of 2020, Riga Airport handled 1.813 million passengers, down 69.6% on year and 70.2% below the target. Transfer passengers made up 25% of all passengers handled by the airport in January-September. 

In the first nine months of 2019, Riga Airport turned over EUR 49.119 million and made a EUR 9.473 million profit. 

Riga Airport is the largest aviation hub in the Baltics. 

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