Riga-based airBaltic said its revenues rose 54% in 2004 to €74.4 million ($96.1 million) but extraordinary costs associated with the investment in its new hub in Vilnius, fleet restructuring and the significant increase in fuel prices caused it to report an annual loss of €1.2 million. The carrier, which is owned jointly by Latvia and SAS, carried 589,288 passengers, up 75% over 2003, as it launched nine new routes from Riga and opened 11 routes from Vilnius. It raised its ...

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