airBaltic decreases its net loss threefold in the first half of 2021

airBaltic Airbus A220-300 (Bombardier CS300 - BD-500-1A11) YL-CSJ (msn 55038) (Estonia) MUC (Gunter Mayer). Image: 954826.

airbaltic has made this announcement:

As a result of the Coronavirus crisis, revenue and the number of passengers carried by the Latvian airline airBaltic has significantly decreased, and according to airBaltic’s unaudited consolidated financial results for the first six months of 2021, the group suffered loss of EUR 61.5 million.

Martin Gauss, Chief Executive Officer of airBaltic: “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,” Martin Gauss added.

During the first six months of 2021, the revenue of the group reached EUR 50.0 million or 40% less than during the same period last year. The number of passengers carried, and flights performed by the airline decreased by 59% and 51% respectively.

H1 2021 H1 2020 Change %
Revenue EUR 50.0 million EUR 82.5 million (40%)
Net loss EUR (61.5) million EUR (184.8) million n/a
Passengers 0.3 million 0.8 million (59%)
Flights 6 110 12 501 (51%)

Top Copyright Photo: airBaltic Airbus A220-300 (Bombardier CS300 – BD-500-1A11) YL-CSJ (msn 55038) (Estonia) MUC (Gunter Mayer). Image: 954826.

airBaltic aircraft slide show: