airBaltic Profitable in Second Quarter of 2013

06.09.2013 06:02 | Latvia

Author: Jānis Vanags
Source: www.airbaltic.com

Latvian airline airBaltic has achieved a net profit in the second quarter of 2013. airBaltic has by far surpassed its original plans and turned around last year’s loss of EUR -10.15 million into a net profit of EUR +1.37 million in 2Q 2013.

Reklāma

Martin Gauss, Chief Executive Officer of airBaltic: “As part of airBaltic ReShape we laid down a good track record of cost control, capacity management and efficiency gains, and with strong unit revenue and higher yields, we achieved a net profit of EUR +1.37 million in the second quarter, and an impressive improvement of the net result in the first six months of EUR +21.12 million compared to the same period a year ago. We are ahead of our schedule to become profitable in 2014.”

airBaltic achieved +4% unit revenue improvements (RASK - revenue per available seat kilometre) over the second quarter of 2013, compared to the same period a year ago, and generated revenues of EUR 89.31million, thus achieving +3% improvement compared to the same quarter over a year ago, despite capacity reductions. Compared to 2Q 2012, airBaltic’s operating cost was reduced by 8% to EUR 78.01 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.

Apr-Jun	2Q 2012		2Q 2013		Change
	EUR	LVL	EUR	LVL
Net profit	-10.15 mEUR	-7.1 mLVL	1.37 mEUR	0.96 mLVL	+11.51 mEUR
RASK (unit revenue)	7.24 EUR cent	5.09 LVL sant	7.50 EUR cent	5.27 LVL sant	+4%
Yield	96.23 EUR	67.63 LVL	101.46 EUR	71.31 LVL	+5.24 EUR
Passengers	0.82 million	0.82 million	0.81 million	0.81 million	-1%
Revenue	86.87 mEUR	61.05 mLVL	89.31 mEUR	62.77 mLVL	+3%

Jan-Jun	1H 2012		1H 2013		Change
	EUR	LVL	EUR	LVL
Net profit	-33.57 mEUR	-23.59 mLVL	-12.45 mEUR	-8.75 mLVL	+21.12 mEUR
RASK (unit revenue)	7.07 EUR cent	4.97 LVL sant	7.46 EUR cent	5.24 LVL sant	+5%
Yield	94.71 EUR	66.56 LVL	101.56 EUR	71.38 LVL	+6.86 EUR
Passengers	1.41 million	1.41 million	1.34 million	1.34 million	-5%
Revenue	149.03 mEUR	104.74 mLVL	152.67 mEUR	107.30 mLVL	+2%

airBaltic in 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 25 aircraft – five Boeing 737-500, eight Boeing 737-300 and twelve 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. 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.