airBaltic turnaround faster than expected

airBaltic has achieved a net profit of €1 million for the full year of 2013, surpassing its original estimates and turning around its FY2012 loss of €27 million.

The result means that the airline has achieved profitability one year ahead of the initial schedule in its turnaround plan.

Martin Gauss, chief executive officer of airBaltic, commented, “With airBaltic reaching a profit and having its annual report approved, now the Cabinet of Ministers will decide on the retention of the profits in the airline in accordance with the currently effective legislation.”

airBaltic achieved 5% better yields and 1% unit revenue (RASK – revenue per available seat kilometre) improvements over the 12 months of 2013, when compared with the same period a year ago, and generated stable revenues of €325 million, despite capacity reductions.

airBaltic serves sixty destinations from its home base in Riga and for summer 2014 has introduced six new destinations – Burgas and Varna (Bulgaria), Palma de Mallorca (Spain), Bucharest (Romania), Gothenburg (Sweden), and Aberdeen (UK).

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