Estonian Air makes loss of EUR 3.3 million in 2007


At an Estonian Air AGM held on June 30 at the Ministry of Economy and Communications, shareholders approved the company’s annual accounts, according to which it made a loss of EEK 52 million (EUR 3.3 million) in 2007 at a turnover of EEK 1,380.9 million. The result in 2006 was a loss of EEK 58.8 million. The airline’s turnover increased by 7 percent compared to 2006. It saw its costs go up over the period with the acquisition of a new Saab 340 aircraft and expansion into new markets. The airline said that its result was also negatively affected by fewer foreign tourists visiting Estonia in 2007. The government, which owns 34 percent of shares in Estonian Air, has recalled Jaan Mannik from the supervisory board and replaced him with Heldur Meerits.

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