AirBaltic Reports First Half 2020 Consolidated Loss of €185 Million on 62 Percent Revenue Decline
AirBaltic reported on Wednesday a first half 2020 consolidated loss of €185 million on a 62 percent year-over-year revenue decline to €82.5 million. During the first half of the year, passenger traffic was down 64 percent to 0.8 million.
On Wednesday (August 26, 2020), airBaltic announced a first half (H1) 2020 consolidated loss of €185 million on a 62% year-over-year revenue decline to €82.5 million. Due to the impact of the global COVID-19 pandemic, the number of passengers carried declined 64 percent to 0.8 million, while the number of flights operated declined 58 percent to 12, 501 compared to the same period last year. In today’s announcement, airBaltic’s Chief Executive Officer, Martin Gauss said,
“We began this year on a solid track, continuing our sustainable growth path in both January and February. The following months, though, proved to be the largest crisis in aviation history. It led airBaltic being forced to suspend flights for 62 days and see a significant reduction in demand for air travel. To counteract the crisis, we swiftly cut our capacity and costs, adjusted our business plan Destination 2025 CLEAN as well as secured financing from our shareholders. With that, when the market recovers, we will be in an excellent position to fully deploy our efficient Airbus A220-300 fleet.”
Established in 1995, Air Baltic Corporation SA (airBaltic) is a joint stock company with most of the equity (96.14%) held by the Latvian state and the remaining shares held by Lars Thuesen through his holding company Aircraft Leasing 1 SIA. The airline Group also includes Air Baltic Training SIA, Loyalty Services SIA, Baltijas Kravu Centrs SIA and Crew Resources AS. One of the most punctual carriers in the world, the airline connects the Baltic region to over 55 destinations in Europe, the Middle East, and the CIS with a fleet of 22 Airbus A220-300s. The carrier received the CAPA Regional Airline of the Year in 2017 and in 2018/2019 received the ATW Airline Industry Achievement Award for ‘Market Leader of the Year.’ airBaltic also received the ‘Sector Leadership Award’ by Airline Business in 2019.