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airBaltic Reports Record First Half 2023 Net Profit of €14.6 Million

airBaltic has reported a record first half 2023 net profit of €14.6 million on a year-over-year increase in revenue of 52 percent to €291.3 million.

airBaltic Airbus A220-300 - Courtesy airBaltic

On Wednesday (August 9, 2023), airBaltic reported their first half (H1) 2023 financial results for the period ending June 30, 2023. The carrier reported a record first half net profit of €14.6 million compared to a net loss of (€91.0 million) during the same period last year. airBaltic’s H1 2023 revenue increased year-over-year by 52 percent to €291.3 million. During the period, the airline carried 2.0 million guests, 52 percent more than in H1 2022.

In Wednesday’s announcement, airBaltic’s President and CEO, Martin Gauss, said,

“The exceptional results of the first half of this year have exceeded our expectations. We are doing well in terms of business, and the operating cash flow is at an all-time high. When we look back at the first six months of 2022 and even 2019, we have seen a significant growth – achieving the historically highest profit, record-breaking revenue, and an overall increase in the number of people flying with us.”

“However, the shortage of spare engines, which led to an average of 11 aircraft grounded, significantly impacted our performance of Q2. That delayed even greater improvement in total results. To mitigate this capacity loss, we were forced to wet-lease in substitute aircraft. Despite these obstacles, airBaltic's commercial performance was strong.”

airBaltic's First Half (H1) 2023 Financial Results - Courtesy airBaltic

In H1 2023, airBaltic operated a network of 108 routes, including 75 direct routes from Riga, 15 from Tallinn, 11 from Vilnius and seven from Tampere. The carrier also recruited 348 new team members during the period, expanding their workforce to 2,360 professionals.

Established in 1995, Air Baltic Corporation SA (airBaltic) is a joint stock company with most of the equity (97.97%) held by the Latvian state and the remaining 2.03 percent held by other shareholders. One of the most punctual carriers in the world, the airline connects the Baltic region with over 100 routes to Europe, the Middle East, North Africa and the Caucasus region with a fleet of 42 Airbus A220-300s. The airline Group also includes Air Baltic Training SIA, Loyalty Services SIA, Baltijas Kravu Centrs SIA and Crew Resources AS. airBaltic currently employs 2,360 team members and aims to surpass the 2,500 employee mark by the end of 2023.

Source: airBaltic


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