Croatia Airlines announces results for the first three quarters of the year.
In the first nine months of this year, Croatia Airlines achieved operating profits of 7.2 million kuna. After net financing results are taken into account, the company achieved net profits of 3.9 million kuna, which is at the similar level as in the same period in 2015, announced the company on Friday, reports tportal.hr on October 28, 2016.
Operating income fell by 1 percent compared to the same period last year, operating costs also declined by 1 percent, while maintenance costs increased by 9 percent.
In the first nine months of 2016, Croatia Airlines carried out 3 percent more flights and carried 3 percent more passengers than in the same period in 2015. In total, it transported 1,516,197 passengers, of which 384,436 on domestic flights and 1,075,704 on international flights.
Despite the growing number of passengers, the passenger revenue remained at the same level as last year due to a decrease in the average price, which was a consequence of the significant increase in competition in the Croatian airline market, according to a statement released by Croatia Airlines.
They also emphasized that in the current fiscal year the company invested heavily in the introduction of four new services which began flying during this year’s tourist season, Zagreb-Lisbon, Zagreb-Milan, Zagreb-Prague and Zagreb-St. Petersburg, as well as in major inspections of aircraft engines.
In the reporting period, the company had 12 aircraft – six Airbus aircraft and six Dash 8-Q400 aircraft, and the capacity was further increased by hiring one additional aircraft. During this season, the company’s aircraft flew directly to 35 destinations, covering 24 individual markets.
Croatia Airlines pointed out that on 31 December 2015 it successfully completed a restructuring program under the rules of the European Commission, which allows the company further development and successful positioning in the regional and European markets.
