Croatia Airlines posts €18.2 million loss, passenger numbers double
Croatia Airlines registered a loss of 18.2 million euros in 2022, an improvement on its 38-million-euro loss the year before, while its passenger numbers grew from 787.860 in 2021 to 1.453.224 travellers last year. The figures represent the Croatian carrier’s fifth consecutive loss-making year. During the pre-pandemic 2019, the airline generated a 10.7-million-euro net loss, while its last profitable year was 2017 when it made 3.6 million euros on the back of selling its lucrative London Heathrow slots. “The results in 2022 were primarily impacted by the rise in fuel prices and the overall negative effects the increase had on other financial parameters”, Croatia Airlines said.
Croatia Airlines’ revenue grew 87% on 2021 but are still down 17% on the pre-pandemic 2019. Costs increased by 53%. The airline spent most on flight operations, as a result of increased fuel prices, followed by flight services such as airport and air traffic control fees, while maintenance was the third largest expense. During the year, the carrier was recapitalised by the state to the tune of 33.7 million euros while it was also granted a shareholders loan by the government amounting to 12.5 million euros. Overall, the total value of loans issued by the state and owed by the airline amounts to 78.8 million euros, while the company also has a three million euros loan from two Zagreb-based banks. The airline says it is meeting all its loan repayment obligations on time.
During 2022, Croatia Airlines’ passenger numbers increased 84% on 2021, but are still down 33% on the pre-pandemic 2019. Its average cabin load factor for the year stood at 62%, up 12.1 points on the year before but down 11.6 points on 2019. Croatia Airlines operated a total of 23.348 flights, an improvement of 41% on the year before, but down 17.8% on the pre-pandemic era. The airline’s cargo operations recorded an increase of 14.7%, with 1.514 tonnes of mail and freight uplifted in 2022, compared to 1.320 tonnes the year before and 2.135 tonnes in 2019.
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