Latvian carrier Air Baltic is optimistic over its prospects for the year after generating revenues of €104 million ($114 million) for the first quarter.

The airline is aiming to reach €700 million for the full year and transport 4.4 million passengers. For the first quarter it carried 770,000 and load factor reached nearly 71%.

“In this way the company will return to pre-crisis state and a positive result,” says chief executive Martin Gauss.

He says the first quarter performance is evidence that the carrier is exceeding expectations and is “on the way back to persistent profitability”.

The airline has not given a net result for the period. Last year it made an EBITDAR loss of €6.25 million for the quarter.

But it says the revenue figure for 2023 is the highest it has ever recorded in the first three months of the year.

Gauss says the company is retaining its ambition to conduct an initial public offering next year.

“Our core objectives remain unchanged – to ensure the best connectivity between the Baltics, one of the key European business centres of the future – and the world,” he adds, “as well as enhance the passenger experience and deliver a fundamental contribution to the economy.”


Source: Air Baltic

Air Baltic aims to carry 4.4 million passengers in 2023