airBaltic has this week revealed their first-quarter results for 2024, with revenue & passenger numbers rising.
However, the Latvian carrier’s net loss has increased but EBITDAR has improved considerably.
Without further ado, let’s get into it…
The Numbers from airBaltic…
For Q1 2024, below are the financial highlights for airBaltic:
- Revenues rose 27% from 104.0m EUR to 132.3m EUR.
- EBITDAR improved from a loss of 2.3m EUR to a positive growth of 17.3m EUR.
- Net loss increased from 10.3m EUR to 40.6m EUR.
- 926,000 passengers handled – a 20% increase.
- Load factors rose 4.9% to 75.9%.
Click here to see the full numbers!
As we can see, airBaltic revenues rose, as did passenger numbers & load factor, but the losses have widened.
Gauss: Seasonal Fluctuations & P&W Issues…
Commenting on the Q1 financial performance was Martin Gauss, President & CEO of airBaltic:
“Current results reflect that this has been a positive quarter, driven by an increase in flights, enhanced operations, and a dedicated focus on customer service.”
“These improvements have successfully attracted more passengers and strengthened our results.”
“Despite the gains, the airline experienced a net loss, primarily due to seasonal fluctuations and anticipated capacity limitations related to an expected Pratt & Whitney engine shortage in 2024.”
“Nevertheless, this does not affect our overall guidance for the year.”
“Moreover, our performance this quarter aligns with management’s expectations, and as such, our outlook for the year remains optimistic.”
“Looking ahead, we continue our successful course towards the potential IPO as early as the second half of the year.”
“Our core objectives remain unchanged – to ensure the best connectivity from the Baltics, as well as to enhance the passenger experience and deliver a fundamental contribution to the economy,”
Overall…
In conclusion, Q1 2024 for airBaltic has been a bit of a mixed bag.
Whilst revenues and passenger numbers have increased, the losses have widened considerably.
Looking ahead, all eyes will be on what Q2 will look like, with the expectation that there should be some improvement.
But for now, let’s see how the airline performs in the next quarter.
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