AirBaltic had a $17.7 Q3 profit in 2016, thanks to $13.5 million in revenue
With positive news comes great responsibility, and Latvian national carrier airBaltic is living up to their responsibilities by reporting impressive financial results. Revenue is getting stronger AirBaltic had a very solid first quarter; their consolidated financial results have exceeded expectations. Running at more than 130% more passengers flying on routes that are 88% shorter, they’ve experienced over 27,713 flights already. There is no information about the results of the profits yet, but there is a lot to be excited about. AirBaltic’s bottom line is looking much better these days. Not only did their flights perform more in September than in any other month this year, but even once pandemic influences started to blow through Europe, people seemed happy to fly the carrier because of their low rates and no-fee check-ins. The risk in these products is shrinking With increased revenue in the airline industry, it’s the status quo for airlines to experience a decrease in net losses. Air Baltic has seen its net losses decrease by 50.6% since last year’s December 31, 2017, when they racked up €72.1 million ($75.2 million) in losses. AirBaltic is on the path to returning to its environmentally-minded roots. It’s not just big business decisions, but also small ones that make a big difference. With balance sheets in good shape and positive indicators, this system is poised for an even greener outlook. “The aviation industry has been recovering from the effects of the recent pandemic. And our financial results are looking healthy as a result, with more than EUR 362 million already in revenue and 2.4 million passengers already this year.” As we discussed, airBaltic continued to expand despite the difficult economic conditions. The airline’s market share increased, and it also expanded geographically. This year, airBaltic has been expanding its route network even more by drastically increasing connectivity between the Baltics and the rest of the world. The attendance at our event on Saturday has been comparable to the last few years. AirBaltic is a network of airlines that operates in Europe, Scandinavia, Africa, the CIS, and the Middle East. Currently, it offers flights to over 70 destinations from Riga and Tallinn, as well as connections from Riga to a wide range of destinations in its route network. Seeing how much the national carrier has been investing in expanding its network despite a challenging year, it only makes sense that they’re expecting to have a busy winter season. The wide variety of destinations means that airBaltic has something for everyone. The company already attracted more than 60% reservations during the winter solstice and New Year period, and they are seeing an increase in demand this year-end or a summer season destination.