newstodate.aero
Nov 02, 2012 (newstodate): Latvia's airBaltic managed to come out from this year's Q3 with three consecutive months of profitability in July, August and September, and expects to overachieve its original ReShape targets by the year-end.
Earlier this year, airBaltic announced its business restructuring plan, airBaltic ReShape, to return the airline to profitability and sustainable future development.
The Latvian carrier's performance is in sharp contrast to neighboring Estonia's Estonian Air that has seen a negative performance all through 2012, emerging from Q3 with a loss at 5.3 million euro, compared to airBaltic's net profit of LVL 4.8 million, corresponding to 6.9 mio euro.
Considering the plights of Estonian Air, the situation might be ripe for a take-over by airBaltic of Estonian Air to bring about the first step towards the formation of a truly pan-Baltic carrier.
airBaltic is, however, itself amidst a process of recapitalization through a sale of up to 49 percent of its stake to an investor, after being again fully state-owned since December 2011.
The deadline of this process was November 1, 2012, for attracting non-binding expressions of interest for a stake of up to 50 percent minus one share.
So far airBaltic has not made any announcement in this respect.
Earlier this year, airBaltic announced its business restructuring plan, airBaltic ReShape, to return the airline to profitability and sustainable future development.
The Latvian carrier's performance is in sharp contrast to neighboring Estonia's Estonian Air that has seen a negative performance all through 2012, emerging from Q3 with a loss at 5.3 million euro, compared to airBaltic's net profit of LVL 4.8 million, corresponding to 6.9 mio euro.
Considering the plights of Estonian Air, the situation might be ripe for a take-over by airBaltic of Estonian Air to bring about the first step towards the formation of a truly pan-Baltic carrier.
airBaltic is, however, itself amidst a process of recapitalization through a sale of up to 49 percent of its stake to an investor, after being again fully state-owned since December 2011.
The deadline of this process was November 1, 2012, for attracting non-binding expressions of interest for a stake of up to 50 percent minus one share.
So far airBaltic has not made any announcement in this respect.