A loss of around €6 million had previously been forecast, but Estonia’s flag carrier made a profit instead.
Estonia’s state-owned airline Nordic Aviation Group, operating under the name Nordica, made a profit of €900,000 in 2017, even though a loss of around €6 million had been forecast.
This was primarily due to a 68% rise in passenger numbers during Nordica’s second fiscal year, the company said, adding that its revenues rose to €83 million, up from €51 million in 2016.
The airline, which rose from the ashes of Estonian Air in 2015-16, started the year with six aircraft but added a further 10 to its fleet throughout 2017, making it one of the fastest-growing airlines in northern Europe.
Three new routes were launched during the year, between Tallinn and St Petersburg, Hamburg and Gothenburg, raising the total number of Nordica destinations from 15 to 18.
Building a brand new airline
The company’s chief executive, Jaan Tamm, said the airline experienced faster growth during the year than expected as well as “significantly improved financial indicators”.
“Once again I’d like to thank all of our passengers first and foremost, since their faith in Nordica is what’s led us to be able to share this great news,” he said.
“Building up a brand new airline isn’t easy, so having the support of the local population is critical. Thank you to everyone who’s flown with us for that trust.”