newstodate.aero
Jun 17, 2016 (newstodate): In the air since September 2015, the new Estonian carrier Nordica has still some time to go before reaching profitability.
According to Estonian media, the carrier's CEO, Jaan Tamm, admits that Nordica is running at a six mio euro loss, which puts the projected loss for the airline's 15-month first year in business at 15 mio euro.
The expected total turnover for the same period is 50 mio euro.
Based on these hard fact, estimates are that Nordica may reach break-even, or maybe also black figures, only in 2019.
As was the case with its predecessor Estonian Air, it basically remains the country's tax payers that keep the project in the air.
Estonian Air folded its wings in September 2015 faced with a negative outcome from the EU investigation into substantial state aid that would require the airline to pay back the illegal means to the state.
In the meantime, and foreseeing the outcome, Estonia set up a new company, Nordica, to take over the provision of the country's air connectivity, and thus continuing to aid its airline industry under new conditions with state investments.
According to Estonian media, the carrier's CEO, Jaan Tamm, admits that Nordica is running at a six mio euro loss, which puts the projected loss for the airline's 15-month first year in business at 15 mio euro.
The expected total turnover for the same period is 50 mio euro.
Based on these hard fact, estimates are that Nordica may reach break-even, or maybe also black figures, only in 2019.
As was the case with its predecessor Estonian Air, it basically remains the country's tax payers that keep the project in the air.
Estonian Air folded its wings in September 2015 faced with a negative outcome from the EU investigation into substantial state aid that would require the airline to pay back the illegal means to the state.
In the meantime, and foreseeing the outcome, Estonia set up a new company, Nordica, to take over the provision of the country's air connectivity, and thus continuing to aid its airline industry under new conditions with state investments.