Estonian Air records first profit since 2010 ({{commentsTotal}})

Business
Business

State-owned carrier Estonian Air earned a profit of 400,000 euros in June and July, the first from summer months for the company since 2010, which was facing bankruptcy a few years ago.

“Profit earned in summer months shows the restructuring plan has brought a secure base for sustainable operation,” board member Indrek Randveer said.

He said the year will still end in red, but the company is hoping to break even by the end of 2016.

Active marketing in Estonia and abroad, and flying subcontracted routes, are said to behind this summer's profits.

Last year was harsh for the company. Its 2014 revenue was 69.9 million euros, but net loss amounted to over 10 million euros.

In fall 2014, the carrier submitted a modified restructuring plan to the European Commission, based on the potential interest by a private investor, but the commission is yet to rule if loans given by the Estonian state to keep the company afloat were legal or not.

Editor: J.M. Laats



{{c.alias}}
{{c.createdMoment}}
{{c.body}}
{{cc.alias}}
{{cc.createdMoment}}
+{{cc.replyToName}} {{cc.body}}
No comments yet.
Logged in as {{user.alias}}. Log out
Login failed

Register user/reset password

Name needs to be fewer than 32 characters long
Comment needs to be fewer than 600 characters long
{{comment.captcha.word.answer}}

news.err.ee

Opinion
Independence Day: Estonia’s way into the future isn’t a race

There is a lack of connection between the Estonian state, and the people who live here. While it expects a lot of the state, Estonian society doesn’t seem ready to contribute, writes Viktor Trasberg.

Lotman: Security academy would be crucial Estonian identity point in Narva

In an opinion piece published by Eesti Päevaleht, Tallinn University professor Mihhail Lotman found it important to overcome the mental barrier separating Ida-Viru County from the rest of Estonia.