Loss comes despite 24% sales revenue increase
Estonian Air’s results for the first half of 2012 reveal that it made a €14.9 million loss, ERR News reports. Despite ambitious plans, the 97% state-owned airline has failed to become profitable this year even though it has promised to do so. It admitted last month that it was far from profitability. The newly announced loss comes despite the fact that sales revenues grew by 24% in the first six months of 2012 compared to the same period last year, reaching €43.9 million. Under CEO Tero Taskila, Estonian Air has replaced much of its fleet over the last year with new aircraft, while adding regional routes to smaller cities.
Estonian Air blamed high oil prices for the result. Estonian Economy Minister Juhan Parts expressed disappointment.