airBaltic Reports Highest Profit Ever for H1 2023 – Airways | Airlines


DALLAS — Latvian carrier airBaltic (BT) reported the highest-ever revenue in the airline’s history for the year’s first six months. The all-Airbus A220 operator has seen a 52% growth compared to the corresponding period from the previous year and a 33% growth compared to 2019 levels.

Throughout the past six months, BT has recorded staggering growth as the airline industry continues to bounce back to its pre-pandemic levels with a solid summer travel season upon us. During the first half of 2023, the airline reported a net income of €14.6 million, representing an improvement of €105.7 compared to the same period in 2022. Furthermore, BT attained its highest-ever revenue for the first half of a year with a revenue of €291 million.

The Baltic flag carrier also reported a staggering EBITDAR of €57 million, exceeding its EBITDAR during the same period in 2022 by €50 million. According to IG International Limited, a leading London-based investment company, the metric EBITDAR stands for earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs.

Investors use the metric to assess a company that has undergone restructuring within the past year, financial health, and performance. A higher EBITDAR, such as BT, implies lower operating expenses relative to total revenue and displayed an impressive financial performance for the airline in the first half of 2023.

Martin Gauss is the Chairman of the Executive Board and CEO of airBaltic since Nov 2011. Photo: airBaltic

Comments from airBaltic CEO

During the company’s investor call on August 9, the President and Chief Executive Officer of airBaltic, Martin Gauss, presented the impressive financial results and remarked, “The exceptional results of the first half of this year have exceeded our expectations. We are doing well in terms of business, and the operating cash flow is at an all-time high. When we look back at the first six months of 2022 and…

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