Baltia Air Lines Inc (OTCMKTS:BLTA) is a company that has history of moving up and down the charts very quickly. The company announced that its new group of cockpit members has almost completed their training, and the company is expected almost to double the crew members on board. Baltia Air is yet to be a certified carrier, but upon certification, it plans to run operations across the Atlantic. The company aims to make non-stop flights between New York, in the US, and St. Petersburg, in Russia.
Baltia Air has also announced plans to achieve $1 billion flight risk insurance, before commencing operations. However, BLTA has not been performing very well on the charts, even after so many announcements. The major reason for this is that the company had a poor result for FY2013, and it still has to declare its financial report for FY2014. The investors are still unsure of what to make of the situation, since last week the company announced that its financial report would be delayed further.
In FY2013, the company reported no revenues since its inception in 1990, coupled with a loss of $5.4 million and cash available of just $29,000. It is pretty clear that another poor financial report could push BLTA further down. However, recent news and announcements have done some good to the share value as it rose higher before the delay in the report for FY2014 was announced.
While the company continues to perform poorly in the stock market, it plans to rebuild its financial structure. The company plans to use its offer of a continuous flight from NYC to St. Petersburg to lure customers and generate some revenue. Baltia Air Lines Inc (OTCMKTS:BLTA) has billions of shares in the market, with a significant amount outstanding and it desperately needs this certification to go through. The investors, however, are waiting for green light from the FAA and the report of FY2014, before considering BLTA for trading.