Air Baltic eyeing €500 million turnover in 2019

Air Baltic CEO Martin Gauss.
Air Baltic CEO Martin Gauss. Source: Sander Ilvest/Postimees/Scanpix

Latvian airline Air Baltic plans to achieve a turnover of €500 million and carry a total of five million passengers in 2019, CEO Martin Gauss said in an interview with BNS.

"Last year, our goal was 4 million passengers and €400 million in turnover, but this year our goal is approximately 5 million passengers and €500 million in turnover," Gauss said. "These are approximate numbers, allowing room for corrections, but our objective is very clear."

Asked whether the forecast is correct that grwth will slow down to below 20 percent this year but remain in double digits, the CEO said that this will most likely be the case, adding that Air Baltic's growth in the first six months of 2019 has been in accordance with these forecasts.

Last year, Air Baltic increased its profits by 46 percent on year to €5.4 million. For the first time in its history, Air Baltic also saw its revenue cross the €400 million mark as its revenue increased 18 percent to €408.7 million.

The company carried 4.1 million passengers in 2018, 17 percent more than in 2017, and operated 56,261 flights, 12 percent more thn the year before.

The Latvian carrier flew over 440,000 passengers to and from Estonia in 2018, 14 percent mroe than in 2017.

Air Baltic currently serves over 80 destinations from its hub in Riga as well as Tallinn and Vilnius.

The Latvian state owns 80 percent of Air Baltic; the remaining 20-percent stake in the airline belongs to Aircraft Leasing 1, a company owned by Danish businessman Lars Thuesen.


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Editor: Aili Vahtla

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