Latest news with #AirBaltic
Yahoo
5 days ago
- Business
- Yahoo
Wizz Air sees income hit by engine issues and grounded aircraft
Wizz Air recorded a net profit of €213.9 million in the fiscal year 2025, representing a 41.5% year-on-year decline. The low-cost Hungarian airline also reported a comprehensive profit of €225.8m, missing its target of €250m to €300m. EBITDA, meanwhile, came in at €1.1 billion, a decrease of €58.9m compared to the prior fiscal year. Total revenue showed a 3.8% rise on the year, at €5.3bn, and the firm reported record traffic, amounting to 63.4 million passengers. 'I describe our fiscal year F25 with two words: resilience and transformation. In an environment where rare challenges have become recurrent, Wizz Air has evolved structurally, embedding increased flexibility into our standard operating model,' József Váradi, Wizz Air Chief Executive Officer, said in the earnings release. Related AirBaltic CEO lauds new Starlink installation despite Musk controversy Would you 'suffer the pain' of a long-haul budget flight? Wizz Air hopes so with new Saudi service Among the challenges facing the airline this fiscal year was an obligation to ground its Airbus jets because of faulty engines. 'At end of F25, there were 42 grounded aircraft due to GTF engine inspections and 3 grounded aircraft in Ukraine,' said the firm. By the end of the first half of the next fiscal year, it expects to have about 34 planes grounded. "Wizz Air is a more resilient business today," added Váradi. "Despite the unproductivity of a grounded fleet, we successfully delivered a second consecutive year of profitability. We have the benefit of more than a year of experience operating under these unique circumstances - conditions airlines would never experience when demand exceeds supply." Wizz Air shares were down around 23.5% in daily trading just after 10am CEST in daily trading. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
07-04-2025
- Business
- Yahoo
airBaltic CEO 'dismissed' from Latvian airline
Latvian Transport Minister Atis Svinka said on Monday that Riga-based carrier airBaltic had parted ways with its German-born longtime CEO Martin Gauss. "I inform you that Martin Gauss has been dismissed from his position. It is important for me to see results," Svinka said on social network X. The Latvian state has a majority stake in the carrier, which last month said it had posted a net loss of 118 million euros ($129 million) last year. "AirBaltic is a company of national importance, and it must be able to independently develop and adapt to external conditions," Svinka added. AirBaltic announced in January that additional engine maintenance demands would force the cancellation of more than 4,600 flights this year. The airline flies exclusively Airbus A220-300, which are equipped with modern fuel efficient Pratt & Whitney engines that have been found to be susceptible to microscopic cracks and require replacement ahead of schedule. Parts shortages mean several aircraft have to be taken out of service during the peak summer travel season. The transport ministry said in a statement that the decision regarding Gauss was taken by the supervisory board after Monday's shareholder meeting. The ministry said it "expressed its loss of confidence in" Gauss at the meeting, "calling for a vote to oust him from the job". Gauss had been with the airline for more than a decade. "Today, my journey as CEO of @airBaltic comes to an end," he wrote on X. "The Latvian government, as majority shareholder, has withdrawn its trust — and the Supervisory Board has acted accordingly," he said. The airline said in a statement on X that management board member and chief operating officer Pauls Calitis would take over as interim CEO. The chairman of the supervisory board, Andrejs Martinovs, said "core objectives remain unchanged, and airBaltic continues to implement its strategy and move forward toward a potential IPO". bur-amj/rl Sign in to access your portfolio
Bloomberg
07-04-2025
- Business
- Bloomberg
Air Baltic Fires CEO After Latvian State Withdraws Support
Air Baltic dismissed longtime Chief Executive Officer Martin Gauss following a vote of no confidence from the Latvian state, the airline's main shareholder. The Latvian airline made the decision after reviewing 2024 financial results and plans for an initial public offering, the Latvian Transport Ministry said Monday in a statement. Chief Operations Officer Pauls Calitis will serve as interim CEO, the ministry said in the statement.
Yahoo
12-03-2025
- Business
- Yahoo
AirBaltic CEO lauds new Starlink installation despite Musk controversy
AirBaltic CEO Martin Gauss has defended the firm's decision to partner with Space X's Starlink to provide in-flight internet to customers. 'It made…some controversial headlines because Elon Musk is the owner of that company. But the technology, of course, is outstanding,' he told Euronews. 'I'm sure if we look ahead ten years from now, this kind of high-speed internet …will be a standard in our industry,' he added. The Latvian airline announced in late February that it would equip its Airbus A220-300 fleet with Wi-Fi powered by Starlink, making it the first European airline to integrate the technology. Half of the 50-craft fleet will be equipped during the first six months of the year, while the rest will be upgraded by the end of 2025. While many outlets offered positive coverage of the airBaltic Starlink collaboration, some individuals were unhappy with the decision to partner with billionaire Elon Musk. 'Musk's actions threaten the very existence of Latvia,' one user wrote on X, the social platform owned by Musk. 'You shouldn't sponsor him. Was looking forward to flying via Riga with Air Baltic, but this ruined the fun, have to rethink,' added the user. Another individual claimed that they were boycotting the airline: 'No support for Musk & Trump during these times.' Others were more supportive of the news, with one user stating: 'Congrats on pushing boundaries of aviation and space tech, huge milestone for airBaltic and SpaceX.' A number of airlines outside of Europe have also partnered with Elon Musk's Starlink to offer in-flight Wi-Fi. Qatar Airways and Hawaiian Airlines are already offering the service, while US firm United Airlines is currently in the installation process. Musk, who also owns EV firm Tesla, has become more politically active over the last year. Sales of Tesla vehicles have been dropping recently, a trend which some analysts link to Musk's political rhetoric. The South African entrepreneur is notably a supporter of US President Donald Trump, donating at least $288 million (€264mn) to help elect the President and other Republican candidates. Related Scared of flying? These airlines have been ranked the safest in Europe for 2025 Tesla's European buyers turn away? Sales slide amid Musk's political controversy Musk now heads up the Department of Government Efficiency (DOGE), created by Trump to slash state spending. Outside of the US, the entrepreneur has also shown his support for the far-right AfD party in Germany, as well as for the British far-right extremist Tommy Robinson. Robinson is currently in prison in the UK for contempt of court. With regards to Russia's war in Ukraine, Musk has not always been a defender of the smaller country. The Tesla CEO created a Twitter poll in 2022, suggesting that Crimea should be formally recognised as part of Russia. Musk has also acknowledged that he restricted his Starlink satellite service to Ukrainian officials during the same year, thwarting a Ukrainian drone attack. 'If I had agreed to their request, then SpaceX would be explicitly complicit in a major act of war and conflict escalation,' he wrote on X. Earlier this week, Musk said that Ukraine's 'entire front line' would now collapse if he turned the Starlink satellite system off. The EU is now working with major satellite operators to look for alternatives to Starlink, viewing Musk as an unreliable backer. Luxembourg's SES, Spain's Hisdesat, Viasat - owner of the UK's Inmarsat - , and France's Eutelsat/OneWeb told the Financial Times last week that they are in talks with EU officials. CEO Martin Gauss told Euronews that airBaltic is 'a very strong supporter of Ukraine' and 'really committed' to investing in the country post conflict. 'In the Baltic states, we have a very special relationship…therefore we will really want to help in the early phase of rebuilding Ukraine,' he said. Gauss explained that airBaltic has been working with airports in Ukraine, specifically in Kyiv and Lviv, to make sure that they are ready to start operations as soon as it is safe to do so. This could be the same day as a ceasefire. 'We were the last ones out and we will be the first ones in,' he said. 'But you know, it's not about the sport of who is the first. I think lasting support is needed.' A number of airlines will be looking to cater to Ukraine's post-war travel market, including Ryanair and Wizz Air, as well as local operator Ukraine International Airlines. Gauss said he expects demand to be high, not only from Ukrainians but also from individuals working to rebuild the country. Expectations of an approaching ceasefire in Ukraine are growing as US President Donald Trump pushes for an end to the war.
Euronews
12-03-2025
- Business
- Euronews
AirBaltic CEO lauds new Starlink installation despite Musk controversy
The Latvian firm is the first European airline to introduce in-flight Wi-Fi powered by Elon Musk's Starlink. ADVERTISEMENT AirBaltic CEO Martin Gauss has defended the firm's decision to partner with Space X's Starlink to provide in-flight internet to customers. 'It made…some controversial headlines because Elon Musk is the owner of that company. But the technology, of course, is outstanding,' he told Euronews. 'I'm sure if we look ahead ten years from now, this kind of high-speed internet …will be a standard in our industry,' he added. The Latvian airline announced in late February that it would equip its Airbus A220-300 fleet with Wi-Fi powered by Starlink, making it the first European airline to integrate the technology. Half of the 50-craft fleet will be equipped during the first six months of the year, while the rest will be upgraded by the end of 2025. While many outlets offered positive coverage of the airBaltic Starlink collaboration, some individuals were unhappy with the decision to partner with billionaire Elon Musk. 'Musk's actions threaten the very existence of Latvia,' one user wrote on X, the social platform owned by Musk. 'You shouldn't sponsor him. Was looking forward to flying via Riga with Air Baltic, but this ruined the fun, have to rethink,' added the user. Another individual claimed that they were boycotting the airline: 'No support for Musk & Trump during these times.' Others were more supportive of the news, with one user stating: 'Congrats on pushing boundaries of aviation and space tech, huge milestone for airBaltic and SpaceX.' A number of airlines outside of Europe have also partnered with Elon Musk's Starlink to offer in-flight Wi-Fi. Qatar Airways and Hawaiian Airlines are already offering the service, while US firm United Airlines is currently in the installation process. Musk's political activism Musk, who also owns EV firm Tesla, has become more politically active over the last year. Sales of Tesla vehicles have been dropping recently, a trend which some analysts link to Musk's political rhetoric. The South African entrepreneur is notably a supporter of US President Donald Trump, donating at least $288 million (€264mn) to help elect the President and other Republican candidates. ADVERTISEMENT Musk now heads up the Department of Government Efficiency (DOGE), created by Trump to slash state spending. Outside of the US, the entrepreneur has also shown his support for the far-right AfD party in Germany, as well as for the British far-right extremist Tommy Robinson. Robinson is currently in prison in the UK for contempt of court. Support for Ukraine With regards to Russia's war in Ukraine, Musk has not always been a defender of the smaller country. The Tesla CEO created a Twitter poll in 2022, suggesting that Crimea should be formally recognised as part of Russia. ADVERTISEMENT Musk has also acknowledged that he restricted his Starlink satellite service to Ukrainian officials during the same year, thwarting a Ukrainian drone attack. 'If I had agreed to their request, then SpaceX would be explicitly complicit in a major act of war and conflict escalation,' he wrote on X. Earlier this week, Musk said that Ukraine's 'entire front line' would now collapse if he turned the Starlink satellite system off. The EU is now working with major satellite operators to look for alternatives to Starlink, viewing Musk as an unreliable backer. ADVERTISEMENT Luxembourg's SES, Spain's Hisdesat, Viasat - owner of the UK's Inmarsat - , and France's Eutelsat/OneWeb told the Financial Times last week that they are in talks with EU officials. AirBaltic's investment in Ukraine CEO Martin Gauss told Euronews that airBaltic is 'a very strong supporter of Ukraine' and 'really committed' to investing in the country post conflict. 'In the Baltic states, we have a very special relationship…therefore we will really want to help in the early phase of rebuilding Ukraine,' he said. Gauss explained that airBaltic has been working with airports in Ukraine, specifically in Kyiv and Lviv, to make sure that they are ready to start operations as soon as it is safe to do so. This could be the same day as a ceasefire. ADVERTISEMENT 'We were the last ones out and we will be the first ones in,' he said. 'But you know, it's not about the sport of who is the first. I think lasting support is needed.' A number of airlines will be looking to cater to Ukraine's post-war travel market, including Ryanair and Wizz Air, as well as local operator Ukraine International Airlines. Gauss said he expects demand to be high, not only from Ukrainians but also from individuals working to rebuild the country. Expectations of an approaching ceasefire in Ukraine are growing as US President Donald Trump pushes for an end to the war.
