Airline's New CEO Hopes for Profit by 2012

6/1/2011 5:33 PM
Category: Economy

Estonian Air's new CEO Tero Taskila says he expects the company to be earning a profit by next year.

Some big changes need to be made first, however, Taskila told in comments made just hours after assuming the helm on June 1.

For one, he said, Estonian Air needs to mend its reputation for sluggishness as a business. Taskila, who is Finnish, said that Estonian Air should be more like Estonians themselves - "quick and innovative."

Estonian Air has been losing money since 2005. In the most recent annual report, for 2009, the company wound  up the year with a 4.4 million euro loss. This year's figure will be released in coming weeks.

Still, the company already took a big step late last year, according to Taskila, by clearing up its messy leadership issues. Last September, the Estonian government bought back shares from SAS, which had held a 49 percent stake since 2003. The state now holds 90 percent of the company.

The swift buyback came after Estonian Air closed a long-awaited deal to buy three planes from the Canadian supplier Bombardier.


Ott Tammik

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