newstodate.aero
Aug 26, 2015 (newstodate): Estonian Air is targeting to reach the break-even point not in 2015, but by next year.
The Estonian carrier has been fighting hard to turn around its ailing business through a cut-throat restructuring plan submitted in January 2013 and later amended in August 2014, and fruits are now showing.
For the first time since 2010, the carrier has been operating profitably during the two summer months, indicating that the restructuring plan has worked towards establishing a solid foundation for long-term sustainability, according to the press release issued by the carrier.
Estonian Air has reduced its work force, reined in on its route network, and optimized the utilization of its aircraft fleet including reducing the over-capacity of aircraft by a sub-lease agreement with Austrian for two E-170 until their final re-delivery to Finnair by the end of their leasing period.
One of four E-170 aircraft has already left Estonian Air, and a second is to be handed back to Finnair in September 2015, leaving the airline with three Bombardier CRJ900 aircraft while two CRJ700 aircraft will be added to the fleet also in September, leaving Estonian Air with an all-Bombardier fleet.
In the first seven months of this year, Estonian Air carried a total of 341,591 passengers, up 8.5 percent, y-o-y, including 330,180 passengers on regular flights, up 9,1 percent.
In January-July 2015 Estonian Air operated 7,040 regular and charter flights, which is an increase by 13 percent, y-o-y.
The Estonian carrier has been fighting hard to turn around its ailing business through a cut-throat restructuring plan submitted in January 2013 and later amended in August 2014, and fruits are now showing.
For the first time since 2010, the carrier has been operating profitably during the two summer months, indicating that the restructuring plan has worked towards establishing a solid foundation for long-term sustainability, according to the press release issued by the carrier.
Estonian Air has reduced its work force, reined in on its route network, and optimized the utilization of its aircraft fleet including reducing the over-capacity of aircraft by a sub-lease agreement with Austrian for two E-170 until their final re-delivery to Finnair by the end of their leasing period.
One of four E-170 aircraft has already left Estonian Air, and a second is to be handed back to Finnair in September 2015, leaving the airline with three Bombardier CRJ900 aircraft while two CRJ700 aircraft will be added to the fleet also in September, leaving Estonian Air with an all-Bombardier fleet.
In the first seven months of this year, Estonian Air carried a total of 341,591 passengers, up 8.5 percent, y-o-y, including 330,180 passengers on regular flights, up 9,1 percent.
In January-July 2015 Estonian Air operated 7,040 regular and charter flights, which is an increase by 13 percent, y-o-y.