2-Apr-2012 1:39 PM

Estonian Air reports EUR17m loss in 2011, targets profitability within 24 months

Estonian Air revenue up 12% - financial highlights for 12 months ended 31-Dec-2011:

  • Sales revenue: EUR76.1 million, +12% year-on-year;
  • Profit (loss): (EUR17.3 million);
  • Costs:
    • Fuel: EUR8.3 million, +50%;
  • Passenger numbers: 678,049, +16.4%;
  • Tallinn Airport market share: 32.6%;
  • 2012 forecast:

Estonian Air: “The higher fuel prices exposed the fact that we did not have the right size of fleet, as we were unable to fill the Boeings sufficiently given our traffic patterns.  The company made the decision last spring to close the Vilnius hub, and while the new management was developing the network strategy approved in the fall, we decided to stabilize the network. In addition, the non-recurring effects were EUR1.8 million, consisting of non-accrued Boeing redelivery costs and a write-off of a Boeing engine repair,” Wade Stokes, CFO. Source: Company statement, 30-Mar-2012.

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