Latvian state-owned airline airBaltic turns a profit in third quarter
Latvian state-owned airline airBaltic recorded a profit of €40.3 million in the third quarter (Q3) of 2024, bringing its load factor (percentage of available seating capacity that has been filled with passengers – ed.) to a high of 87.8 percent. However, the company also recorded a loss of €48.5 million over the first nine months of 2024.
airBaltic's third-quarter turnover was €236 million and profit €40.3 million. According to the company, such high profit levels mark a financially successful summer season.
In the third quarter of 2024, the airline leased 17 aircraft to Lufthansa Group airlines.
In the first nine months of the year, the company had a turnover of €575.3 million, but made a loss of €48.5 million for the period.
airBaltic now expects its total revenues for 2024 to be in the range of €740-750 million.
Martin Gauss, airBaltic's CEO, said that despite difficult macroeconomic conditions in the Baltics and rising engine maintenance costs, the company's third-quarter profits and record load factors highlight strong passenger demand and the ability to adapt in a changing market.
"More than 140 routes, including 22 new routes by the end of this year, and cooperation with 24 codeshare partners have increased four connections by 26 percent on year. airBaltic continues to be positioned as the leading provider of air services in the Baltics," said Gauss.
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