Latvian carrier Air Baltic has returned to full-year operating profit, with a surplus of €32 million ($34 million), although its net result remained negative with a loss of €54 million.

Air Baltic generated revenues of just over €500 million – a level similar to that achieved in the pre-crisis 2019 – and it says the results reveal “strong positive business indicators”.

This is despite passenger numbers reaching only 3.3 million which, while an improvement on the previous year, were still substantially down on the pre-pandemic figure of 5 million.

Air Baltic’s EBITDAR result of nearly €130 million was higher than the €125 million of 2019.

Chief executive Martin Gauss insists the airline is “on the way back to persistent profitability”.

“We are filled with strength, ideas, and determination and we continue the successful course we have taken which will help Air Baltic reach its [initial public offering] in 2024,” he adds.

Air Baltic has been building up its fleet which exclusively comprises Airbus A220-300s, of which it has 39, and the carrier operates a network covering over 70 destinations from its Baltic stations.

Air Baltic A220-c-Air Baltic

Source: Air Baltic

Air Baltic operates nearly 40 A220s