Latvian national carrier airBaltic, which is 53% owned by the Latvian government and 47% owned by Baltic Aviation Systems, an offshore investment vehicle of President and CEO Bertolt Flick, made a loss of LVL13 million (€18.3 million) in the first five months of 2011. The heaviest losses were posted in the first quarter, when the carrier recorded an LVL18 million loss, although this was offset by a LVL5 million profit in the following two months. Passenger traffic growth at airBaltic fell for five consecutive months from Nov-2010, before the airline returned to growth after April 2011. airBaltic is facing stiff

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