Air Baltic returns to full-year operating profit

Latvian carrier Air Baltic has returned to full-year operating profit, with a surplus of E32m, although its net result remained negative with a loss of E54m. Air Baltic generated revenues of just over E500m – a level similar to that achieved in the pre-crisis 2019 – and it says the results reveal “strong positive business indicators”. This is despite passenger numbers reaching only 3.3m which, while an improvement on the previous year, were still substantially down on the pre-pandemic figure of 5m. Air Baltic’s EBITDAR result of nearly E130m was higher than the E125m of 2019. CE Martin Gauss insists the airline is “on the way back to persistent profitability”. “We are filled with strength, ideas, and determination and we continue the successful course we have taken which will help Air Baltic reach its [initial public offering] in 2024,” he adds. Air Baltic has been building up its fleet which exclusively comprises Airbus A220-300s, of which it has 39, and the carrier operates a network covering over 70 destinations from its Baltic stations.<br/>