Updated: Thu, 18 Apr 2013 14:55:56 GMT | By Agence France-Presse

Latvia's airBaltic reports 27mn euro loss

Latvian flag-carrier airBaltic on Thursday reported a loss of 19 million lats (27 million euros, $35 million) for 2012, but insisted the figure showed a management turnaround plan was working.

"We are very confident, as we continue to perform ahead of our plan," CEO Martin Gauss told reporters at the company's headquarters.

"We are ahead of our schedule to reach profitability in 2014."

The figures in the annual report were better than the company's original estimate of a 47-million-euro loss last year.

In 2011, the carrier registered a loss of 109 million euros amid a bitter ownership dispute.

Latvia took control of 99.8 percent of shares and installed Gauss, formerly of the now-defunct Hungarian carrier Malev, to turn the company around.

The airline operates a fleet of 28 planes from its Riga hub and last year flew just over 3 million passengers to 60 destinations.

Last July it announced plans to buy up to 20 aircraft from Canadian manufacturer Bombardier in a deal potentially worth $1.5 billion.


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