EE: Estonian Air records EUR 49.2mn loss in 2012.

By bne IntelliNews March 22, 2013
Estonian national airline Estonian Air recorded net loss of EUR 49.2mn in 2012, up from net loss of EUR 17.3mn in 2011. Operating loss amounted to EUR 35.8mn in 2012. Revenues of the company stood at EUR 91.5mn in 2012, up from EUR 76.1mn. Costs of acquisition of new airplanes and development of new routes in 2012 amounted to EUR 26mn. Jan Palmer, CEO of Estonian Air, said that the companys board has changed the airlines strategy from growth oriented carrier to regional point to point airline. The company is currently in restructuring to become a regional airline with 10 core destinations.
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