airBaltic targets return to profit by 2014

Latvian airline announces new business “reshaping” plan

The Latvian airline airBaltic has announced a plan to reshape its business and bring it back to profitability and sustainable growth. airBaltic CEO  Martin Gauss and Ministry of Transport State Secretary Anrijs Matiss told a press conference yesterday that the plan would involve the modernisation of the fleet to focus on two aircraft types – the Bombardier Q400 Next Gen turboprop for regional flights and either the Airbus A319 or the Boeing 737 New Generation for longer flights. This would allow greater efficiency and help the carrier to raise frequencies to in-demand destinations. By implementing what it calls airBaltic ReShape, the carrier plans improvements of LVL 330 million in the five years between 2012 and 2016.
“In the past few years airBaltic achieved unprecedented growth that turned Riga into the only functioning transit hub in the Baltic region,” said Gauss. “However, it came at a cost to the airline. airBaltic has now been stabilised. Currently, we are focusing on reshaping our business to achieve improvements of LVL 330 million in the next five years and return to profitability in 2014.”
[photo courtesy airBaltic]


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