Economy & Politics: The Latvian airline airBaltic has published unaudited consolidated financial results for the first six months of 2020

Last Updated on 2020-09-01 by Birk Karsten Ecke

Because of the corona crisis and the resulting ban on operations, which lasted 62 days, the Latvian airline airBaltic had to accept severe losses in sales and passenger numbers in the first half of 2020. This is shown by the quarterly figures published on Wednesday, August 26th, 2020. In the first half of 2020, sales fell from € 219.5 million in the same period of 2019 to € 82.5 million. The number of passengers fell from 2.2 million to 800,000 over the same period. The loss amounts to € 184.8 million in the first half of 2020 compared to € 26.6 million in the first half of 2019. airBaltic is a stock corporation that is now slightly more than 96 percent owned by the Latvian state due to corona factors.

Image: airBaltic Boeing 737 at Stockholm Arlanda Airport. Recorded by johanwiden69 - pixabay. Today airBaltic has still only the modern and fuel efficient Airbus A220-300 in service. Double click on the image to enlarge.

Image: airBaltic Boeing 737 at Stockholm Arlanda Airport.
Recorded by johanwiden69 – pixabay.
Today airBaltic has still only the modern and fuel efficient Airbus A220-300 in service.
Double click on the image to enlarge.

 

Martin Gauss, CEO von airBaltic und selbst Pilot, ist trotz der schlechten Zahlen zuversichtlich, was die Zukunft der airBaltic angeht: “To counteract the crisis, we swiftly cut our capacity and costs, adjusted our business plan Destination 2025 CLEAN as well as secured financing from our shareholders. With that, when the market recovers, we will be in an excellent position to fully redeploy our efficient Airbus A220-300 fleet.” airBaltic had already announced drastic personnel adjustments in mid-March. Another setback is that since August 22, 2020, only those arriving from 9 European countries do not have to go into a 14-day forced quarantine. Latvia does not allow any regular flights from and to red marked counties. See https://www.spkc.gov.lv/lv/valstu-saslimstibas-raditaji-ar-covid-19-0. Normal tourism or business trips are not possible under these circumstances. A few days ago, the fleet of 28 more Airbus A220-300s was airBaltic A220-300 was postponed.

airBaltic’s unaudited consolidated financial results for the first six months of 2020 in a nutshell:

H1 2020 H1 2019 Change %
Revenue EUR 82.5 m EUR 219.5 mi -62%
Net loss EUR 184.8 m EUR 26.6 mi n/a
Passengers 0.8 m 2.2 m -64%
Flights 12501 29733 -58%

Source: airBaltic unaudited consolidated financial results for the first six months of 2020

 

Interne Links:

Economy & Politics: The Latvian airline airBaltic is postponing the acquisition of new A220 NEO aircraft

 

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