State-owned Estonian airline Nordic Aviation Group (NAG), operating under the Nordica trademark, last year made a profit of €900,000, and the number of Nordica's passengers grew by 68% year on year.
Nordica's second fiscal year was very successful for the company. The company's revenue was €83 million, while in 2016 it had totaled €51 million. Although a forecast loss of a total of €6 million for 2017, the year ended in a profit of €900,000 instead, the airline said on Monday.
The company's CEO, Jaan Tamm said that the company saw faster growth than expected in 2017 as well as substantially better economic results.
"I wish to once again thank first and foremost our passengers, who believed in the airline and thanks to whom we can share this positive news today. Building the new airline hasn't been easy, and the support of our people is of critical importance here. Thank you for your trust," Tamm said.
The airline started operating on six new routes in 2017, and ten new aircraft were added to the company's fleet. Nordica offered a total of 18 destinations in 2017.
During the year the number of people flying with the airline out of Tallinn increased by 68%, and the airline is now the clear market leader at Lennart Meri Tallinn Airport.
Editor: Dario Cavegn