Estonia: Nordica reports EUR 19mn loss in 2023

Estonia’s state-owned aviation group, Nordic Aviation Group (Nordica), posted an unaudited net loss of EUR 19.146mn in 2023, which was down from a profit of EUR 1.514mn in 2022, ERR reports. The company has failed to submit an audited annual report to the commercial register on time. Nordica’s annual revenue totalled EUR 107.266mn, which was up 18% from 2022. Operating costs rose by nearly 45% over a year, however. Meanwhile, state-owned Transpordi Varahaldus, which leases Bombardier aircraft to Nordica, suffered an annual loss of EUR 10.6mn in 2023. The company’s revenue dropped by 6% to EUR 5.8mn. Transpordi Varahaldus is preparing for privatisation.