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Tallinn Airport Announces Annual Profit of €3.7m

Source: Photo: Postimees/Scanpix

In its annual earnings report, Tallinn Airport disclosed a turnover of 29.3 million euros and a profit of 3.7 million euros in 2012.

The airport had a profit of 4.2m in 2011, 2m in 2010, 400,000 euros in 2009, 1.1m in 2008 and 6.6m in 2007.

The airport said the low growth in aviation revenue came due to an average decline of 30 percent in aviation fees, as a measure to stimulate the aviation market. In 2012, aviation revenue grew 1 percent and non-aviation revenue grew 21 percent compared with 2011.

"Tough competition on the European aviation market and heavy pressure on airport fees means that all airports must earn an ever greater portion of their revenues from activities not directly tied to aviation," said the airport's financial director, Anneli Turkin. "That is the reason why we must vigorously develop merchandise in the passenger terminal and real estate in our territory."

A total of 14.7 million euros was invested last year, the largest investment being going toward the construction of the Baltics' biggest aircraft maintenance hangars.

At the year's end, the company's assets were valued at 146.6 million euros.

The airport has put forward a preliminary estimate that it had 1.9 million passengers in 2012, the same as in 2011, compared with 1.3 million during a low ebb in 2010 and 2009.

In 2013, the airport plans to invest 13.8 million euros, the biggest of which will be the construction of a hangar for Panaviatic.

Tallinn Airport includes a number of subsidiaries, including smaller airports across Estonia.

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