Estonian Air reports net loss in 2012, turnaround on track

Estonian Air reports (21-Mar-2013) the following financial highlights for 2012:

• Revenue: EUR91.5 million, n/a year-on-year;
• Operating loss: (EUR35.8 million),
• Net loss: (EUR49.2 million).

The carrier said its turnaround is on track, which is seeking the airline transform from a "a traditional carrier to a small cost effective regional airline serving a core route network of ten destinations". The airline said it has already increased yields and has signed collective agreements with its pilots and flight attendants. Estonian Air CEO Jan Palmer also said the airline has started to divest non-core assets. Estonian Air's subsidiaries include Estonian Air Regional, Amadeus Opera and English Fuelling Services AS. [more - original PR]