Latvian airline airBaltic has reversed the net loss of €27 million for 2012 with a net profit of €1 million ($1.38 million) for 2013. Revenue was flat at €325 million even though capacity was down by 5%. The airline carried 5% fewer passengers in 2013 with 2.95 million boardings.
CEO Martin Gauss said: “The year 2013 will go down in airBaltic’s history as the one in which we proved that a turnaround is also possible in difficult years. We restructured airBaltic through the application of cost controls, capacity management and efficiency gains, and we achieved an impressive net improvement of €28 million on last year’s figures. We made this achievement a year ahead of the original schedule in our restructuring plan, which is the basis for our sustainable long-term return to profitability.”