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Estonia’s Nordica, Xfly ink ACMIs with Cyprus Airways, TAP

Nordica (ND, Tallinn Lennart Meri) and Xfly (Estonia) parent Nordic Aviation Group has signed an ACMI agreement with Cyprus Airways (CY, Larnaca) for Summer 2023 and has also started operating for TAP Air Portugal (TP, Lisbon), while the group’s fleet is set to reach 22 aircraft in the second quarter of 2023, the group revealed in an update of its results during 2022.

The 100% state-owned Estonian airline reported a rise in revenue of 51% during the year, to EUR90.6 million euros (USD95.8 million), helping it post a net profit of EUR1.51 million (USD1.6 million).

Calling the results “acceptable” in the face of “global economic challenges and the Russian aggression in Ukraine,” the group’s CFO Eteri Harring claimed the company had during 2022 “transformed the Nordica business model into an Airbus A320 ACMI operations provider.”

Group CEO Jan Palmer summarised that Nordica and Xfly currently have “more cooperation offers to deal with than it can take on.” He referred to upcoming contracts including one with start-up carrier Marabu...

Editorial Comment: Clarified that Marabu is an affiliate not a subsidiary of Condor - 09.03.2023 - 12:23 UTC