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airBaltic posts 46% rise in profit

The Latvian airline is reporting profit of €5.4 million for 2018, on the back of record revenues of €400 million.

The Latvian airline airBaltic continued its growth trajectory in 2018, achieving what it underlines are strong financial results.

For the first time in the company’s history it achieved revenues of €400 million, up 18% on the previous year, while net profit ballooned by 46% compared to 2017 to reach €5.4 million.

Passenger numbers rose 17% to 4.1 million, the number of flights by 12% to 56,261, and the number of employees by 12% by year-end to exactly 1,581.

“For the sixth year in a row we are showing a strong track record on profitability,” says Martin Gauss, airBaltic’s chief executive officer.

“By exceeding €400 million revenue and 4 million passengers, we are ready for future growth with our state-of-the-art Airbus A220 fleet.”

Baltic connectivity
Gauss added: “airBaltic plays an important role in ensuring air connectivity to Latvia and the Baltics. According to a recent study by business strategy consultants Roland Berger, airBaltic contributed 2.5% to Latvia’s GDP in 2018 and supported close to 30,000 jobs.

He concluded: “As the market leader in the Baltic region, we will continue expanding our market share by further improving connectivity between the Baltics and the rest of the world.”

airBaltic serves around 70 destinations from Riga, Tallinn and Vilnius. New for summer 2019 are Riga to Dublin, Stuttgart and Lvov, plus seasonal routes to Kos and Menorca from May.

Its fleet consists of 36 aircraft, namely 16 Airbus A220-300s, 12 Bombardier Q400Next Gen aircraft and eight older Boeing 737s that will be phased out during 2019 and replaced with more A220s. The Bombardiers will also be phased out in the coming years leaving the airline only with A220s.

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