Estonian Air bleeds €8.1 million in 2013

There was also net loss of €5mn for first half of 2014

Estonia’s national carrier Estonian Air admits it ended 2013 with an €8.1 million loss, as revenues for the year dropped 21% to €72.3 million. It also reported a net loss of €5 million for the first half of 2014.

CEO Jan Palmér, former president and CEO of the now-bankrupt Cimber Sterling, blamed the results on extraordinary costs and the failure to find enough takers for two Embraer 170 aircraft that the airline had hoped to sell.

Estonian Air flew 551,169 passengers last year, a drop of 37.9% from 2012. Two of the airline’s seven aircraft provided charter services, with the volume of charter flights growing to 209 flights, five times the previous year’s figure.


[pictured: Estonian Air BA-CRJ900]