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

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



Opinion
Kallas, Kasemets, Maasikas: EU is strong, no upside to losing the euro

Speaking on Vikerraadio's "Reporteritund" ahead of the 60th anniversary of the Treaty of Rome, Siim Kallas, Keit Kasemets and Matti Maasikas agreed that despite its prblems, the EU remained strong as a union.

Opinion digest: How can Estonia shed its reputation as a frontline state?

In a recent opinion piece in Postimees, Propastop, a blog maintained by Estonian Defence Forces volunteers, listed suggestions on how Estonia could shed its international reputation as a frontline state.