Estonian Air Releases Q2 Results, Loss 80% Smaller ({{commentsTotal}})

Source: Photo: Postimees/Scanpix

Troubled airline Estonian Air increased sales revenue by 20 percent, while cutting losses by 80 percent in the second quarter of 2013, to 0.9 million euros.

"The results indicate that our restructuring plan is working,” Jan Palmer, CEO of the company, said today, adding that the turnaround is now complete, as shown by the first monthly profit earned in June.

Palmer said that in terms of downsizing, the airline had done all it could and can now focus on improving day-to-day operations.

Total revenue for the first six months of the current year was 35.7 million euros, a 19 percent decline compared to the same period last year.

Losses for the first half of 2013 were 5.8 million euros, of which 4.9 million were in the first quarter.

The airline also said that the government restructuring plan, submitted to the European Commission in June, should receive a decision in mid-2014.