AirBaltic, the Latvian national airline, has reported a significant reduction in its net loss for the first nine months of this year, thanks in part to a profitable third quarter.
According to the airline’s financial report, its net loss for January-September 2020 was €23.8 million ($28.5 million), a significant improvement over the €47.6 million ($57.4 million) loss recorded in the same period last year. The company attributes the improvement to a €17.7 million ($21.3 million) profit in the third quarter of 2020, which helped offset losses in the first and second quarters.
The airline’s CEO, Martin Gauss, attributed the positive results to the company’s “fast and decisive” response to the COVID-19 pandemic, which included reducing its flight schedule, cutting costs, and implementing safety measures to protect passengers and crew.
“Despite the challenging situation, we have managed to maintain our market position and achieve positive results in the third quarter,” Gauss said in a statement. “We have also taken advantage of the opportunity to restructure our business and are now in a much stronger position to face the future.”
The news of AirBaltic’s improved financial performance comes as the airline industry continues to struggle with the impact of the COVID-19 pandemic. Many airlines have been forced to reduce their flight schedules and cut costs in order to stay afloat, and many have reported significant losses as a result.
AirBaltic’s successful efforts to turn a profit in the third quarter of 2020 are a welcome sign for the company and for the broader airline industry, and will likely be closely watched by other airlines looking for ways to navigate the ongoing crisis.
In addition to reducing its flight schedule and cutting costs, AirBaltic has also implemented a number of measures to ensure the safety of its passengers and crew during the COVID-19 pandemic. These measures include mandatory face masks for all passengers and crew, increased cleaning and disinfection of aircraft, and the implementation of social distancing measures throughout the airport.
The company also introduced a new “Flexible Travel” program, which allows passengers to change their flight dates or destination free of charge if their plans are affected by travel restrictions. This has helped to increase customer confidence and support bookings during the pandemic.
Despite the challenging situation, AirBaltic has continued to expand its route network, with new destinations added to its schedule in the third quarter of 2020. This includes the launch of flights to London, Dublin, and Paris. The company has also increased the frequency of flights to existing destinations, in order to meet the demand of passengers.
In conclusion, AirBaltic’s financial performance in the first nine months of 2020 is a positive sign for the company and for the airline industry as a whole. The company has been able to navigate the challenges of the COVID-19 pandemic by taking fast and decisive action to reduce its costs, implement safety measures, and expand its route network. This has helped the company to achieve a profitable third quarter, and has positioned it well for the future.