Riga Airport reports €6.5m first quarter loss

The hub has continued with its investment programmes despite the financial impact, with hopes for recovery later this year

According to Riga Airport’s first quarter report, the impact that Covid-19 had on its operations remained high, establishing a turnover of €4.3m (£3.8m) – 14% less than expected.

In total, 108,000 passengers were served at the hub throughout the first three months of this year, finishing this period with a loss of €6.5m (£5.6m).

Riga Airport
Photo Wiki Commons/Sveltlov Artem

“The global Covid-19 pandemic continues to have a significant negative impact on the aviation industry worldwide, and the recovery of the industry is closely linked to countries' ability to fight the pandemic, including through comprehensive vaccination,” explained Laila Odina, chairperson of the board at Riga Airport.

“The introduction of the Digital Green Certificate proposed by the European Commission will have a positive impact on the aviation sector in the coming months, which will ensure a positive effect on the growth of the number of travellers and the recovery of the aviation sector.”

Currently, the airport has investments lined up which total to €17.6m (£15.2m). This includes projects co-financed with the cohesion fund, such as a new rapid-exit taxiway, the renovation of the runway surfaces, apron light installations and the purchase of explosive detection systems.

There are also plans to move forward with stage six of the airport’s expansion, comprising of the new passenger terminal as well as the renovation and reconstruction of substations.

Last year, multiple investment projects took place at the airport. This included the launch of its new cargo facility, the expansion of Apron 2, construction of a helipad and the renewal of pavements for both runways and taxiways – costing a total of €13.9m (£12m).