airBaltic reports first post-pandemic profit for 2023 in the face of engine challenges

Despite the engine issues continuing to have a ""major impact"" on the airline throughout the year, airBaltic has recorded a profit of €34 million ($36.9 million) for 2023. It marks a significant improvement from its loss of $54 million in 2022 and the first positive profit in the post-pandemic era. airBaltic recorded a 34% revenue increase year-on-year (YOY), from €500 million ($542.6 million) in 2022 to €668 million ($724.9 million) in 2023. Passengers increased by 36% to 4.5 million and flights increased by 30% to 65,500. The airline said the positive increase comes in spite of the shortage of spare engines, which ""prevented airBaltic from flying at full capacity and forced the airline to wet-lease capacity from other operators"". It added that further challenges were met with the Ukraine war continuing to further limit capacity along with high fuel prices for the year. ""airBaltic has started 2024 on a strong note, and currently, our focus is on continuing our path to a potential initial public offering (IPO),"" said airBaltic CEO and president Martin Gauss. ""Our core objectives remain unchanged – to ensure the best connectivity between the Baltics and the world, as well as enhance the passenger experience and deliver a fundamental contribution to the economy."" The airline operated 46 A220-300 aircraft by the end of 2023 and is operating 47 as of March 5, 2024. Three more A220-300 are planned to join its fleet in 2024.