International Internet Magazine. Baltic States news & analytics
Wednesday, 26.10.2016, 01:44
Estonian Air earned a loss of 14.9 mln euros in H1, turnover up
The is in losses despite the fact that its turnover grew by 24% in the year-on-year comparison, to 43.9 million euros.
The aviation enterprise commented that its financial results were affected more negatively than initially expected by an increase in fuel prices.
97% of Estonian Air is owned by the Republic of Estonia. The country spent 17.9 million euros on acquiring majority holding in the airline in 2010. Last year, the Government decided to finance the enterprise with a total of 30 million euros over two years.