Estonia’s state-owned airline, Nordic Aviation Group (Nordica), generated consolidated revenue of EUR 85.5mn in the first nine months of 2023, which was up 29.8% from the same period of 2022, ERR reports. The rise in revenue was due to fleet expansion and increased number of passengers. However, revenue remained significantly lower than targeted due to delayed aircraft leases, crew shortages, and long downtimes for aircraft maintenance. Operating expenses rose by EUR 35.17mn (56.4%) over a year. Nordica’s consolidated net loss amounted to EUR 11.9mn, which was down sharply from a net profit of EUR 1.8mn a year earlier. The company has launched a review of its strategic business model. Climate Minister Kristen Michal said that the government would not allocate additional funding for Nordica. He argued that the company should be privatised or closed down.