Nordica sees net loss grow threefold on year to €10.5 mln
Revenue of Nordic Aviation Group AS, the Estonian state-owned airline operating under the Nordica brand, declined 42 percent on year to €61 million in 2020, while the company's loss grew threefold to €10.5 million euros, Postimees reports.
Nearly all of Nordica's sales revenue was derived from the rental of aircraft and flight crew as regular flights, which were only operated in northern Sweden, only brought in €2.8 million in revenue.
While in 2019, Nordica serviced 351,000 passengers, the corresponding figure last year was only 22,000.
In fall 2020, Nordica was granted state aid by the Estonian government, which increased the company's share capital by €22 million.
Due to state aid, Nordica's cash flows were in surplus by €1.28 million euros. The company's expenditures relating to business activities totaled €13.3 million and investment activities €7.4 million.
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Editor: Marcus Turovski