Estonia Air reports 35.8 mn euro operating loss in 2012

Struggling Baltic carrier Estonian Air said Thursday it was optimistic despite registering a net loss of 49.2 million euros ($63.5 million) last year.

The majority state-owned airline is now implementing a new business model that will have it become a cost-efficient regional carrier focusing on a handful of profitable routes.

The airline's revenue rose to 91.5 million euros, up from 76.1 million in 2011, but revenue from transfer traffic was disappointing and the company suffered an operating loss of 35.8 million euros.