DALLAS – Latvian national air carrier AirBaltic (BT) has published its financial results for the first quarter (Q1) 2023. Among them, the airline declared that it had achieved a €105.1m (US$114M) revenue, 75% more than last year and the best result in airBaltic’s history.
Martin Gauss, CEO and President of AirBaltic, stated: “The first quarter of 2023 has surpassed our expectations, driving airBaltic towards strong commercial performance and sustained profitability. Our clear target and ambition are to achieve EUR 700 million in revenue and witness a substantial increase in carried passengers, reaching 4.4 million by the end of 2023.”
Among the company’s main goals, Gauss expects to complete the IPO (initial public offering) in 2024, which is the transition of the ownership of BT from private to public property.
As well, BT has carried a total of 770,000 passengers in the first three months of 2023, representing a 77% increase compared to Q1 2022. It remains the primary airline connecting the Baltic states with the rest of Europe and beyond.
Expansion For 2023
Already operating from four main hubs in Lithuania, Latvia, Estonia, and Finland, AirBaltic has focused on expanding its route network for the summer of 2023. Since April, the destination list of the Latvian carrier has grown widely, including the opening of 20 new routes to the Mediterranean and Black Sea regions primarily.
Additionally, BT has recently announced a new codeshare agreement with Turkish Airlines (TK), one of the most influential carriers worldwide, at the same time as the company has inaugurated a new service from Riga (RIX) to Istanbul (IST), the main hub of TK.
To adapt its operations to the ambitious summer schedule of 2023, Air Baltic is continuously enlarging its fleet of aircraft with the delivery of brand new Airbus A220-300 jets and the contract of wet-leased airplanes from diverse ACMI lessors such as Smartwings, Carpatair, or Avion Express.
New Routes Coming In Winter
Looking ahead to the Winter 2023 season, AirBaltic has also announced a new schedule starting in October, with the opening of 11 new routes from all four hubs of the company.
Latvian travelers will now have the opportunity to fly from Riga (RIX) to Agadir (AGA) and Alicante (ALC) starting on November 4, 2023, and February 26, 2024, respectively. The base in Tampere (TMP) will now offer flights to Tenerife (TFS) and Kittila (KTT) also from November 2023.
Vilnius (VNO) and Tallinn (TLL) will experience the most significant expansion for the winter, with the opening of flights to Amsterdam (AMS), Geneva (GVA), Brussels (BRU), Tenerife (TFS) and Turin (TRN), along with a second flight to Dubai (DXB), which has been served until recently only from Riga (RIX).
Featured image: Alberto Cucini/Airways.