Estonian Air records first profit since 2010 (4)

Estonian Air's Embraer
8/25/2015 3:11 PM
Category: Economy

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.

J.M. Laats

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