Revenue of Nordic Aviation Group AS, the Estonian state-owned airline operating under the Nordica brand, declined by 42% YoY, to EUR 61 million in 2020, while the company’s loss grew threefold, to EUR 10.5 million euros.
Nearly all of Nordica’s sales revenue was derived from the rental of aircraft and flight crew as regular flights, which were only operated in northern Sweden, only brought in EUR 2.8 million in revenue.
While in 2019, Nordica serviced 351,000 passengers, the corresponding figure last year was only 22,000.
In autumn of 2020, Nordica was granted state aid by the Estonian government, which increased the company’s share capital by EUR 22 million.
Due to state aid, Nordica’s cash flows were in surplus by EUR 1.28 million euros. The company’s expenditures relating to business activities totaled EUR 13.3 million and investment activities EUR 7.4 million. (ERR/Business World Magazine)