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.
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