LV: airBaltic's losses in 2011 EUR 110mn-CEO.

By bne IntelliNews March 7, 2012
Preliminary losses of Latvian national air carrier airBaltic in 2011 were LVL 77mn (EUR 109.6mn), company's recently appointed CEO Martin Graus announced. Graus added that company's development plan for 2012-2016 targets LVL 38mn losses in 2011 and making profit by 2014 reaching LVL 14mn by 2016. Another major goal is to consolidate expenses by LVL 330mn by 2016 through fleet optimisation. Passenger aviation market is seen growing 7%, passenger turnover reaching 4mn people annually by 2016. Grauss also added that no additional funding from state will be required this year. Last month secretary of the Communication Ministry Anrijs Matiss told the press that government could have to lend LVL 25mn to airBaltic. This could be necessary as ex-minority shareholder of airBaltic Baltijas Aviacijas Sistemas (BAS, controlled by ex-CEO of airBaltic Bertold Flik) did not carry out the capital injection required with all the deadlines passed and the second bankruptcy claim of BAS already submitted to court.

Related Articles

EE: Estonian Air records EUR 49.2mn loss in 2012.

Estonian national airline Estonian Air recorded net loss of EUR 49.2mn in 2012, up from net loss of EUR 17.3mn in 2011. Operating loss amounted to EUR 35.8mn in 2012. Revenues of the company ... more

LT: Malsena acquires Latvian flour manufacturer Rigas Dzirnavieks.

Lithuanian flour manufacturer Malsena announced that it has acquired Latvian flour manufacturer Rigas Dzirnavieks. The company indicates that with the acquisition it will become the largest flour ... more

EE: Estonian Air to return excess Embraer airplanes.

Estonian national airline Estonian Air announced that it agreed to pay penalties for returning two excess Embraer E190 aircrafts to the manufacturer. The company has started restructuring and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335