airBaltic losses in first half of 2020 amount to €185 million

During the COVID-19 crisis, national airline airBaltic has experienced a significant drop in revenue and passenger numbers, and according to the unaudited consolidated financial results of the company in the first six months of 2020, the group has been working with losses of €184.8 million, the airline said August 26.

In the first six months of 2020, the group's revenue amounted to €82.5 million, 62% less than last year. The number of passengers and flights carried by the airline decreased by 64% and 58%, respectively.

Table: airBaltic

"We started this year on a solid basis, continuing sustainable growth both in January and February, but the sector experienced the biggest crisis in aviation history in the coming months. As a result, airBaltic was forced to stop flights for 62 days, and overall demand for them decreased significantly," said Martin Gauss, executive director of airBaltic.

He said that to fight the COVID-19 crisis, airBaltic reduced operating volume and costs, adjusted the Destination 2025 CLEAN business plan, and provided financing from shareholders.

“Thanks to this, by the time the market recovers, we will be in a good position to fully renew flights with our efficient Airbus A220-300 fleet,” Gauss added.

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