airBaltic’s turnaround strategy has done just what management set out for after posting a profit for the first nine months of the year.
The Latvian carrier has seen a net profit of EUR720,000 profit for the first nine months of 2013, compared to a loss of EUR26.72m this time last year.
Restructuring has also seen the airline post a net profit of EUR13.2m for the third quarter of the year.
“Becoming profitable was a painful exercise, requiring a scrupulous and careful re-evaluation of every aspect of the business. We have restructured airBaltic through cost control, capacity management and efficiency gains, and we achieved an impressive improvement of the net result in the first nine months of EUR +27.47 million compared to the same period a year ago. It makes our airBaltic ReShape turnaround plan a success story,” said Martin Gauss, CEO of airBaltic.