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airBaltic significantly narrows loss

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Carrier says it will reach profitability in 2014

The Latvian airline airBaltic says its net loss for 2012 narrowed significantly to €27 million, a few steps in the right direction from the previous year’s loss of €121 million.
“We are very confident as we continue to perform ahead of our plan,” Martin Gauss, the low-cost airline’s chief executive officer, said. “Last year we consistently achieved better net results every month. We improved our consolidated net result by LVL 66 million [€94 million] and our yield by 10% compared to a year earlier. We are ahead of our schedule to reach profitability in 2014.”
Revenues were “stable”, the airline said, at €324 million, despite capacity reductions. Operating costs were reduced by €82 million to €352 million.
BBN
[photo courtesy airBaltic]

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