Latvian national airline Air Baltic's annual turnover the first three quarters of 2023 was up 28.2 percent on year to €219.3 million. However, after reporting net losses of €33.9 million in third quarter (Q3) of 2022, the airline also had losses of €5.5 million in Q3 this year.
Air Baltic's turnover for the first nine months of this year rose by 40.8 percent to €510.6 million. While last year, the company had made €125 million in losses at this stage, this year it has made €9.1 million net profit over the first three quarters.
The company's chief executive Martin Gauss, said the third-quarter result had been adversely affected by problems with aircraft engine orders and idle aircraft. "Our results would have been even stronger if we had not experienced challenges with engine delivery times," Gauss said.
The company said that their performance was positively impacted by increased interest in leisure and business travel over the summer period. The company served 3.4 million passengers in the first nine months of the year, a 41 percent increase compared to the same period in 2022.
Air Baltic, which is primarily owned by the Latvian state, flies from Riga, Tallinn, Vilnius and Tampere to more than 100 destinations. The company employs 2,500 people and has a fleet of 44 Airbus A220-300 aircraft.
Editor: Michael Cole