airBaltic Future Development Approved by Latvian Government

14.12.2011 06:01 | Latvia

Author: Janis Vanags
Source: A/S Air Baltic Corporation

Yesterday (December 13, 2011) the Latvian government agreed to a capital increase for airBaltic to enable the future development of the Latvian national carrier and fleet modernisation.

Martin Gauss, Chief Executive Officer of airBaltic: “airBaltic presented three development scenarios to the government. The decision taken by the government enables airBaltic to stabilise and restructure the business, in order to grow in the future. airBaltic is currently finalising a detailed business plan that includes fleet modernisation and network adjustment.”

The Cabinet of Ministers approved a capital increase by LVL 57.6 million. As part of the plan presented to the government today, airBaltic will modernise its fleet to operate two types of aircraft – Bombardier Q400 Next Gen turboprop for regional flights, and either Airbus 320 or Boeing 737 New Generation. All in all, the operational fleet will consist of 24 aircraft in 2012. The modernised fleet will allow airBaltic to operate more efficiently and retain focus on affordable tickets to Europe, Middle East, Russia/CIS, and increase flight frequencies to the highly demanded destinations.

airBaltic serves over 60 destinations from its home base in Riga, Latvia. From every one of these, airBaltic offers convenient connections via North Hub Riga to its network spanning Europe, Scandinavia, Russia, CIS and the Middle East.

airBalticin brief:

AIR BALTIC CORPORATION (airBaltic) is a joint stock company that was established in 1995. The primary shareholder is the Latvian state with 99.8% of stock. The airBaltic fleet consists of 34 aircraft – six Boeing 737-500, eight Boeing 737-300, two Boeing 757-200, ten Fokker 50 airplanes and eight Bombardier Q400Next Gen. 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. In summer 2010, airBaltic was chosen for anna.aero ANNIES Award as Europe's largest flag carrier by new routes. 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.