Latvian carrier Air Baltic has narrowed its full-year net loss to LVL19 million ($35.3 million) in 2012, marking a 77% improvement from a LVL85 million loss in 2011.

“We are very confident as we continue to perform ahead of our plan. Last year, we consistently achieved better net results every month. We improved our consolidated net result LVL66 million and our yield 10% compared to a year earlier. We are ahead of our schedule to reach profitability in 2014,” Air Baltic CEO Martin Gauss said.

Revenue slipped 1% to LVL229, while operating costs stood at LVL 248 million, down LVL58 million on the prior year. No operating profitability figures were given by the airline.

Passenger numbers fell 8% to 3.08 million, but yield rose 10% to LVL68.3 and RASK increased 15% to LVL5.2 santimi (cents).

Air Baltic, which serves 60 destinations from its Riga home base, said the performance “far surpassed its original business turnaround plans.”

This summer the airline will add six new destinations: Heviz-Balaton in Hungary, Larnaca in Cyprus, Malta, Olbia in Sardinia, Prague in the Czech Republic, and Rijeka in Croatia.