Latvian carrier Air Baltic's passenger numbers declined 5% year on year to 197,000 in December.
The load factor for the month was 71%, up 8 percentage points compared with the same period in 2010.
The number of flights operated by the carrier declined 12% to 3,500, said the airline.
Air Baltic carried 3.35 million passengers in 2011, a 5% growth compared with 3.21 million in 2010. The load factor grew six percentage points to 75% while the number of flights declined 1% to 55,300, said the carrier.