Estonian Air reports EUR6.7m operating loss in 2014

Estonian Air reported (30-Jun-2015) an operating loss of EUR6.7 million and a net loss of EUR10.4 million in 2014, on the back of a 3% year-on-year decline in revenue to EUR69.9 million. During the year the carrier transported 553,161 passengers, an increase of 0.4%. Commenting on the result, CEO Jan Palmér explained that "2014 was very demanding for the airline, as we faced increased competition on our Baltic and Scandinavian markets and also the instability on the eastern routes impacted heavily our operating result." Of the net result, he said, "roughly half derives from our core business and the other half from different non-core items, such as excess aircraft, interest payments and one-off items."