Tallinn Airport Reaps 36% Higher Profits ({{commentsTotal}})

Tallinn Airport
Tallinn Airport Source: Photo: Postimees/Scanpix

State-owned Tallinn airport announced last year's financial results, with profits increasing by 36 percent to five million euros while turnover also increased, by 3 percent to 30 million euros.

The improved results were driven by increased income from real estate rent and concessions from shops on the airport's grounds, ETV reported on Wednesday.

The company earned 4.2 million euros in 2012 and the drop between 2012 and 2013 came due to declining aviation fees. The airport's financial director said last year that airports around Europe must look to increasing revenues not directly tied to aviation, such as renting real estate.

The airport has seemed to have acted accordingly, opening a new 5,000-square-meter hangar complex a week ago, increasing hanger space to 16,000 square meters. The new hangar was rented to business jet company Panaviatic for the next 10 years.