airBaltic lauds "positive business indicators"

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Latvian airline airBaltic announced what it called "positive business indicators" in its financials for the first nine months of 2022.

"According to the unaudited consolidated financial results for the first nine months of 2022, airBaltic group has already achieved EUR 362.5 million revenue, which is by 172% more than in 2021. At the same time, the pre-exceptional net income for the third quarter of 2022 has grown to EUR 17.1 million," the company said.

Martin Gauss, President and CEO of airBaltic talked up the figures, saying: “The aviation industry is recovering from the effects of the pandemic, and that is reflected also in our financial results. With exceeding EUR 362.5 million revenue and 2.4 million passengers already in the first nine months of this year, airBaltic is on the way back to profitability.”

“The war in Ukraine with all its consequences has changed our market conditions significantly, facing supply chain issues, growing fuel prices, rescheduling the airline’s operations, and more. But we remain consistent and our core goal remains the same – airBaltic will continue expanding its market share, by further improving connectivity between the Baltics and the rest of the world,” Gauss said.

However, the airline still recorded a loss of more than 35 million euros during the period, roughly half the 72 million euro loss of the same period in 2021.

airBaltic provides flights to more than 70 destinations from Riga, Tallinn, Vilnius and Tampere. airBaltic operates 36 Airbus A220-300 aircraft. Its primary shareholder is the Latvian state, which holds 97.96% of the stock, while the rest of the shareholders hold 2.04%.

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