Airline Nordica suffered a loss of €10.5 million last year due to the reduced opportunity to travel caused by the coronavirus.
The company approved the report for the previous financial year at a general meeting on Tuesday.
Last year's sales revenue was €61 million, almost 42 percent less than in 2019 which saw a total sales revenue of €104 million.
Nordica's scheduled flights flew 22,000 passengers in 2020 (351,000 in 2019), and the company operated 1,400 flights (7,600 in 2019).
Erki Urva, head of Nordica, said that there is still no clarity or freedom to restart large-scale flights, but it is clear that life will probably not continue in the same way as it did in March 2020.
"Our job is to monitor the situation and react according to the market situation," said Urva.
Last summer, the European Commission allowed state aid to be granted to the company and in November the government paid €22 million to the share capital of Nordic Aviation Group AS.
Urva said it cannot be ruled out that that the company may need more support in the future as the pandemic is not yet over.
Editor: Helen Wright