Montenegro Airlines adjusts 2017 loss
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Montenegro Airlines has modified its financial results for 2017 with its net loss ballooning from the initially recorded 4.6 million euros to 15.9 million euros. The adjustment comes after the company’s Board of Directors acknowledged a “technical error” in its financial report on June 25 of this year. As a result, the airline’s expenses in 2017 increased from the initially reported 625.000 euros to twelve million euros. The following year, in 2018, Montenegro Airlines posted a net loss of 1.97 million euros, the smallest amount in ten years. "At the start of 2017, the airline was in an almost hopeless situation, with a loss of 11.47 million euros from 2016. Following measures which were undertaken by the new management, with support of the Government of Montenegro, the business was stabilised in a relatively short period of time. By the end of 2018 losses were almost six times lower", the carrier said in April. It anticipates posting an annual profit in 2019.
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