Engines issues, fuel costs weigh on airBaltic results, reports net losses for first half 2024

Latvian airline airBaltic has reported a net loss of €88.8 million for the first half a year, swinging its €14.6 million net profit in the first half of last year. Revenues were up 16.5% to €339.3 million, with passenger revenues up 10.7% to €260.2 million. It recorded an adjusted EBITDAR of €76.5 million, up from €55 million a year prior, with an adjusted EBITDA margin of 22.6%. airBaltic CEO and president Martin Gauss said: “Despite the positive figures, airBaltic experienced a net loss primarily due to the anticipated Pratt & Whitney engine shortage in 2024, accelerated depreciation costs driven by