AirBaltic aims to be profitable by 2014

AirBaltic aims to be turning a profit by 2014 as it presses ahead with its cost-cutting program and plans to privatize the government-owned airline. The carrier is already conducting talks with potential investors and airlines. Meanwhile, AirBaltic is working to reduce costs by LVL300 million ($537 million) by 2016 and has already cut LVL50 million ($89.4 million) during the past year. The airline still expects to post a net loss of LVL38 million this year; LVL16 million next year and become profitable by 2016.