LV: Minister in conflict with airBaltic over claiming it suffered losses.

By bne IntelliNews June 13, 2011
EconMin Artis Kampars has come out with a controversial announcement claiming that national air carrier airBaltic suffered losses of about LVL 18mn (EUR 25.6mn) in H1/2011 is close to bankruptcy. Kampars also accused companys management of knowingly driving the company into losses by channelling funds out of airBaltic. airBaltic replied with a call for Kampars to resign, deeming his statements false and inappropriate for a government official, especially since airBaltic is partly state owned. Legal action might follow as well, it was added. airBaltic airline transported a total of 0.897mn passengers in Jan-Apr 2011, which made a 7% y/y increase. In April alone, passenger turnover jumped by 41% y/y, after 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-Apr carrier operated more than 17,055 flights, up by 8% y/y. 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.

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