airBaltic Reports First Half 2021 Net Loss of €61.5 Million on Revenue of €50 Million
airBaltic has reported a first half 2021 net loss of €61.5 million on a year-over-year decline in revenue of 40 percent to €50 million. The carrier’s net loss decreased threefold compared to a loss of €184.8 million during H1 2020.
On Friday (August 27, 2021), airBaltic reported their first half 2021 financial results for the period ending June 30, 2021. The airline has reported a H1 2021 net loss of €61.5 on a 40 percent year-over-year revenue decline to €50 million, a vast improvement compared to a net loss of €184.8 million during the same period last year. airBaltic carried a total of 300,000 passengers during the first half of the year versus 800,000 during H1 2020. The number of flights operated during the period declined year-over-year by 51 percent to 6,110.
In Friday’s announcement, airBaltic’s Chief Executive Officer, Martin Gauss, said,
“Even though our revenue in the first six months of 2021 has further decreased, this summer has seen more promise, as we managed to carry a larger number of passengers than in summer months of 2020 and reduce our net loss three times compared to the six months of 2020. With the significant cost reduction carried out in 2020 and focusing only on the Airbus A220-300, we are now in a much better position for the future return to normal. airBaltic’s core vision for the future remains the same – to be the number one carrier in the Baltics, providing the best connectivity to and from the region.”
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 70 destinations in Europe, the Middle East, and the CIS with a fleet of 29 Airbus A220-300s.