airBaltic reports profit of €5.4 million in 2018

posted on 5th April 2019 by Justin Burns
airBaltic reports profit of €5.4 million in 2018

Latvian airline airBaltic continued its growth in 2018 and achieved strong financial results and reported that its net income grew by more than 40 per cent compared to 2017 reaching €5.4 million.

According to the financial results for 2018, for the first time in the company’s history the carrier achieved €400 million revenue.

Chief executive officer, Martin Gauss said: “For the sixth year in a row we are showing a strong track record on profitability. With exceeding 400 million revenue and 4 million passengers, we are ready for future growth with our state-of-the-art Airbus A220 fleet.”

He added: “airBaltic plays an important role in ensuring air connectivity to Latvia and the Baltics. According to a recent study by business strategy consultants Roland Berger, airBaltic contributed 2.5% to Latvia’s GDP in 2018 and supported close to 30 000 jobs.

“As the market leader in the Baltic region, we will continue expanding our market share by further improving connectivity between the Baltics and the rest of the world.”

airBaltic continues to expand its route network, as on 31 March, it launched a four-weekly Airbus A220-300 route connecting Riga and Stuttgart, Germany along with four-weekly Bombardier Q400 NextGen flights between Riga and Lviv, Ukraine.

Also on 31 March, the airline launched scheduled flights between Riga and Dublin, Ireland. It will use an Airbus A220-300 aircraft to Dublin four times a week.

The airline’s fleet continues to develop, as on 30 March in Riga it welcomed its 16th Airbus A220-300 aircraft (pictured above) of 2019, registered as YL-AAP. This was the second Airbus A220-300 received this year and six more new aircraft will join the airline’s fleet by the end of the year.