Estonian air navigation services co nets EUR 4.4 mln in 2012 - preliminary

Estonia's state-owned air navigation services provider Lennuliiklusteeninduse AS ended last year with a net profit of 4.4 million euros compared to the year-earlier 3.5 million euros, it appears from the company's interim report.

Operating income totaling 18.1 million euros marks a year-on-year increase of 17.1 percent, the company said.

The company served 193,930 flights during the year, 10,951 flights or 6 percent more than the year before.

«Although overflights are the main source of revenue for Lennuliiklusteeninduse AS and their number has increased by almost 1 percent, it's gratifying to observe that we coped fairly well also with handling the nearly 40 percent increase in traffic at the Tallinn airport in the first half of the year,» CFO Marko Otsing said.

The company's cash flows from business operations were positive by 7.3 million euros and return on equity was 31.8 percent. It paid a dividend of 4.1 million euros and 3.9 million euros in taxes into state coffers. Operating expenses increased by 10.5 percent, significantly below the growth in income.

Investments in equipment and systems made by the company during the year totaled three million euros.