airBaltic reports 74 percent revenue rise to Q1 2023

airBaltic Boeing 757 taking off.
airBaltic Boeing 757 taking off. Source: LSM/Kārlis Miksons/Latvijas Televīzija

Latvia's national airline, airBaltic, has reported a 74 percent rise in revenue to the first quarter of 2023 (Q1 2023), and says its €104.3 million figure is a record for the quarter, public broadcaster LSM reports.

Martin Gauss, airBaltic President and CEO, said: "Current indications reflect that the first quarter of 2023 has exceeded our expectations and airBaltic is on the way back to persistent profitability," LSM reports on its English-language page.

Gauss said this would translate into around €700 million revenue for the year.

"For us the target and ambition is clear – €700 million revenue in 2023 and a significant increase in carried passengers up to €4.4 million. In this way, the company will return to pre-crisis state and a positive result."

This compared with airBaltic's 2022 losses, which stood at €50 million

In Q1 2023, airBaltic carried 769,600 passengers, a rise of 77 percent on year, while the total number of flights rose by nearly 30 percent over the same period, LSM reports.

The Latvian state owns nearly 100 percent of airBaltic.


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Editor: Andrew Whyte

Source: LSM

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