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International Internet Magazine. Baltic States news & analytics Tuesday, 16.07.2019, 17:39

Nordica ends year with profit for 1st time

BC, Tallinn, 02.07.2018.Print version
The Estonian state-owned airline Nordic Aviation Group (NAG) operating under the Nordica trademark in 2017 made a profit of 900,000 euros and the number of the company's passengers grew 68% on year, reports LETA/BNS.

Nordica's second fiscal year was very successful for the company. The company's revenue was 83 million euros, while in 2016 it totaled 51 million euros. Although it was previously forecast that the company's loss would total 6 million euros in 2017, the year ended in a profit of 900,000 euros instead, the airline said.

The company's CEO Jaan Tamm said that the company saw faster growth than expected in 2017 as well as substantially improved economic results.

"I wish to once again thank first and foremost our passengers who have believed in the airline and thanks to whom we can share this positive news today. Building a new airline has not been easy and the support of our people is of critical importance here. Thank you for your trust," he said.

The airline started operating on six new routes in 2017 and 10 new aircraft were added to the company's fleet. Nordica flew to 18 destinations in 2017.

During the year, the number of people flying on routes operated by Nordica out of Tallinn increased 68% and the airline is clearly a market leader at the Tallinn Airport.

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