Croatia Airlines posts €12.1 million loss
Croatia Airlines has posted mixed results for the first half of the year by recording a 12.1 million euro net loss, while passenger numbers improved slightly to reach record levels. The carrier's consolidated net loss increased compared to its 10.7 million euro loss during the same period last year. The airline improved its overall financial performance during the second quarter, amounting to a profit of 1.2 million euros, up from 660.000 euros last year. However, the gains were insufficient to make up for the loss registered during the first quarter. Croatia Airlines increased its expenditure by 2.6%, while revenue grew 1.6% on last year. It spent most on flight operations, in part due to the higher cost of fuel, followed by passenger services, as a result of increased compensation claims due to a surge in the number of cancelled or delayed flights, as well as increased benefits for cabin crew members, then maintenance and promotion and sales. At the end of the first half of the year, Croatia Airlines had 1.040 employees and fourteen aircraft with an overall capacity of 1.580 seats. Two of the airline's jets are on wet-lease from Air Nostrum until the end of the summer season.
The national carrier handled 960.620 passengers on board its aircraft during the January - June period, an increase of 1.2%. Of those, 227.681 travellers were carried on domestic flights, down 3.1%, while 714.624 passengers flew on international services, an improvement of 3.5%. The remaining 18.315 passengers were carried on charter flights, down 21.5% year-on-year. However, charters accounted for only 2% of overall traffic. Last year Croatia Airlines ran a number of charters to Russia due to the FIFA World Cup. The airline operated 13.199 flights during the first half of the year, which is up 3.1% compared to the same period in 2018.
The average cabin load factor stood at 71.1%, up 0.2 points. Loads improved on international flights by 0.6 points for an average of 71.8%, while they were down 3.3 points on domestic services at 64.7%. Croatia Airlines expects to see a 5% increase in passenger numbers by the end of the year. Passenger carrying capacity, measured in Available Seat Kilometres (ASKs), stood at one billion, up 1.6% year-on-year. The airline’s cargo operations weakened by 10.2%, with 972 tonnes of mail and freight uplifted in the first half of 2019, compared to 1.081 the year before. It represents the cargo division's weakest performance in over a decade.
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