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airBaltic lost EUR 256 million last year

In view of the negative impacts of the Covid-19 pandemic, the Latvian airline airBaltic ended the year 2020 with a drop in revenue of 72% and a loss of €256 million, according to information from the airline April 15.

Last year, airBaltic's revenue was EUR 143 million, which is 72% less than a year ago. As a result of the crisis, the group worked on losses of €265 million.

In 2020, the Latvian airline airBaltic transported 1.34 million passengers, or 73% less than a year ago.

Photo: airBaltic

airBaltic Chief Executive Martins Gauss said in a statement to the media that last year the airline experienced dramatic changes,  “while airBaltic's basic vision for the future remains unchanged – to be the largest carrier in the Baltic, providing the best connectivity to and from the region”.

airBaltic decided to stop using Bombardier Q400 and Boeing 737 planes and two years later than originally planned to resume flights with only one type of aircraft, Airbus A220-300.

“We are looking forward to the rise in travel demand, which is already showing positive signals. We have developed a number of scenarios for a gradual market recovery. Our basic plan is currently in line with the forecasts expressed in the sector, and we are flexible to make additional adjustments if such a need arises. In order to support our return to profitability in the future, we will receive seven more Airbus A220-300 planes in 2021”, Gauss was quoted.

Last year, the airline connected Riga, Tallinn and Vilnius on a total of 76 routes.

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