EE: Estonian Air records net loss of EUR 17.3mn in 2011.

By bne IntelliNews April 2, 2012
National airline Estonian Air recorded net loss of EUR 17.3mn in 2011, the company announced. Revenues of the company stood at EUR 76.1mn in 2011, up by 12% y/y. Non-recurring expenses accounted for EUR 1.8mn of the net loss. The company indicated that the loss was primarily due to increase in fuel prices by 40% y/y on average y/y. Number of flights increased by 13.5% y/y. Estonian Air fuel expenses increased by 50% y/y and amounted to EUR 8.3mn. Joakim Helenius, chairman of the board at Estonian Air, indicated that the goal for management board is to get back to profitability in the next 24 months. The company plans to serve 850,000 passengers in 2012, while in 2011 the company carried 678,049 passengers, up by 16.4% y/y. Number of flights in 2011 stood at 11,720, which indicates 13.5% y/y increase.
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