LV: airBaltic passenger turnover up by 7% y/y in Jan-July.

By bne IntelliNews August 16, 2011
According to the announcement made by company representatives, airBaltic airline transported a total of 1.97mn passengers in Jan-Jul, which made a 7% y/y increase. In July alone, passenger turnover went up by rather weak 3% y/y to 0.38mn .To remind, before Q1/11 airBaltic saw six months in a row of rather low passenger turnover, which was attributed to unfavourable weather conditions (in Q1/11 passenger turnover declined by 4% y/y). In Jan-July carrier operated 33,500 flights. To remind, airBaltic airline transported a total of 3.25mn passengers in 2010, which made a 16% y/y increase. Last year carrier operated 56,098 flights, up by 22% y/y. As reported, a government-ordered audit of airBaltic revealed that the air carrier had LVL 13mn (EUR 18.5mn) losses in Jan-May 2011. airBaltic earned LVL 5mn profit in April and May alone and that the LVL 13mn loss in five months of 2011 was much higher than planned by air carrier's management. Transportation Minister Uldis Augulis urged the government to take measures on supporting company's liquidity, which could be injecting more capital, attracting new investors, issuing shares, etc. However, he added that the company did not show any vivid signs of insolvency. Air carriers second shareholder Baltijas Aviacijas Sistemas (BAS) controlled by airBaltic CEO Bertold Flik (owning 47.2% of airBaltic shares, the rest owned by the state) is constantly in tension with governments representatives over transparency of airBaltics management.
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