airBaltic Beats Expectations for 2012, Improves Result by LVL +66 Million

Latvian airline airBaltic announces its 2012 audited result. airBaltic has by far surpassed its original business turnaround plans, and is currently on track to reach profitability.

Martin Gauss, Chief Executive Officer of airBaltic: “We are very confident, as we continue to perform ahead of our plan. Last year, we consistently achieved better net results every month. We improved our consolidated net result by LVL +66 million and our yield by +10% compared to a year earlier. We are ahead of our schedule to reach profitability in 2014.”

airBaltic achieved +15% unit revenue improvements (RASK- revenue per available seat kilometre) over the twelve months of 2012, compared to the same period a year ago, and generated stable revenues of 228.5 million LVL, despite capacity reductions. Compared to 2011, airBaltic’s operating cost was reduced by LVL 58 million to LVL 248 million.

airBaltic serves 60 destinations from its home base in Riga, Latvia. airBaltic offers convenient connections via North Hub Riga to its network spanning Europe, Scandinavia, Russia, CIS and the Middle East. For summer 2013, airBaltic has introduced six new destinations - Prague (Czech Republic), Heviz-Balaton (Hungary), Olbia (Sardinia, Italy), Rijeka (Croatia), Larnaca (Cyprus), and Malta.

LVL

2011

2012

Change

Net result

-85 mLVL

-19mLVL

+66mLVL

RASK (unit revenue)

4.6 LVL snt

5.2 LVL snt

+15%

Yield

62.3 LVL

68.3 LVL

+10

Passengers

3.35 million

3.08 million

-8%

Revenue

230 mLVL

229 mLVL

-1%

EUR

2011

2012

Change

Net result

-121 mEUR

-27mEUR

+94mEUR

RASK (unit revenue)

6.5 EUR cent

7.4 EUR cent

+15%

Yield

88.6 EUR

97.2 EUR

+10

Passengers

3.35 million

3.08 million

-8%

Revenue

327 mEUR

326 mEUR

-1%

 

airBalticin brief:  

AIR BALTIC CORPORATION (airBaltic) is a joint stock company that was established in 1995. The primary shareholder is Latvian state with 99.8% of stock. The airBaltic fleet consists of 26 aircraft – five Boeing 737-500, eight Boeing 737-300, five Fokker 50 airplanes and eight Bombardier Q400Next Gen. For summer 2013, airBaltic will temporarily operate B757-200 aircraft on high-demand routes. airBaltic offers nonstop flights from three Baltic capital cities – Riga, Vilnius, and Tallinn. airBaltic received the title of Airline of the Year 2009/2010 (Gold Award) from the European Regions Airline Association. airBaltic is the winner of Air Transport World Phoenix Award 2010 – a global recognition of excellence in restructuring business. airBaltic won a special Pacesetter Award 2010 from the Jury of the Budgies World Low Cost Airline Awards, recognising achievements of airBaltic as a hybrid airline. In 2012, airBaltic was ranked by Airlinetrends among the Top 10 airlines globally for innovations.

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