airBaltic made EUR18m loss in first five months of 2011
Latvia’s Transport Minister Uldis Augulis reported airBaltic made a loss of LVL13 million (EUR18.3 million) in the first five months of 2011 (Baltic Course, 28-Jun-2011). The carrier reported a loss of LVL18 million (EUR25.4 million) in 1Q2011, which was offset by a LVL5 million (EUR7.0 million) profit in Apr-2011 and May-2011. The carrier plans to make a profit during the summer to make up for the losses sustained at the beginning of the year. Mr Augulis also stated airBaltic President Bertolt Flick’s role at the national carrier will be discussed at the next airBaltic shareholders’ meeting.
* Based on the conversion rate LVL1 = EUR1.40995