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22-Aug-2014 7:53 AM

Estonian Air improved 1H2014 net result by 18% despite 'tougher competition'

Estonian Air stated (21-Aug-2014) that despite tougher competition the carrier improved its 1H2014 net result by 18% year-on-year. Details include:

  • Revenue: EUR32.9 million, -8% year-on-year;
  • Operating profit (loss): (EUR3.2 million), compared to a loss of EUR3.9 million in p-c-p;
  • Net profit (loss): (EUR5.0 million), compared to a loss of EUR6.1 million in p-c-p;
  • Passenger numbers:
    • Scheduled: 251,000, -8%;
    • Charter: 9000, +154%;
  • Passenger load factor: 63.3%, -3.2 ppts;
  • Revenue per ASK: EUR 7.9 cents, -8%;
  • Cost per ASK: EUR 8.6 cents, -11.3%;
  • Total assets: EUR62.9 million;
  • Cash: EUR6.5 million;
  • Total liabilities: EUR88.6 million. [more - original PR]

Estonian Air: "The pressure on airlines' yield has increased in the whole Europe, forcing airlines to adapt to the changing market conditions. "In the first half of the year, the total number of passengers fell slightly behind our forecast. This is mainly due to less number of operated flights compared to last year, which is due to demanding market situation. However, in June and July we have seen the passenger volumes coming back. Positively surprising high demand for our summer offers and two more summer destinations helped us to turn the number of passengers into growth again," Jan Palmér, CEO. Source: Company statement, 21-Aug-2014.

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