During the coronavir crisis, airBaltic experienced a significant drop in revenue and passenger numbers, and according to the company’s unaudited consolidated financial results for the first six months of 2020, the group operated with a loss of 184.8 million euros, the airline said.
In the first six months of 2020, the group’s revenue reached 82.5 million euros, which is 62% less than in the corresponding period last year. The number of passengers carried and flights performed by the airline decreased by 64% and 58%, respectively.
Table: airBaltic
“We started this year steadily, continuing with sustainable growth in both January and February, but in the following months the industry experienced the worst crisis in aviation history. As a result, airBaltic was forced to suspend flights for 62 days and demand for them fell sharply overall,” he said. Martin Gauss, CEO of airBaltic.
He said that in order to combat the Covid-19 crisis, airBaltic reduced its operations and costs, adjusted its business plan “Destination 2025 CLEAN”, and provided funding from shareholders.
“Thanks to this, as the market recovers, we will be in a good position to fully resume flights with our efficient Airbus A220-300 fleet,” Gauss added.
CONTEXT:
The new coronavirus began to spread At the end of 2019, the city of Wuhan in central China, with a population of 11 million. World Health Organization in March 2020 announcedthat Covid-19 has reached the level of a global pandemic.
To control Covid-19, many countries around the world have decided to suspend international passenger traffic. Covid-19 crisis greatly has also hit the aviation industry hard. Analysts predict that the resumption of travel and the recovery of airlines may take many months, rather several years.
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