Croatia Airlines sees best Q1 in six years with €10 million loss
Croatia Airlines improved its financial performance during the first quarter of the year as passenger numbers continue to recover but are yet to reach pre-Covid levels. During the first three months of 2023, the Croatian carrier registered a net loss 9.956.000 euros, its lowest in six years. The figure is down from its 13.3-million-euro loss in 2019 and an improvement on last year’s 15.2-million-euro loss. “Positive market trends contributed to a significantly better financial result during the first quarter of 2023 when compared to the same period last year and in 2019”, the airline said in a statement. The carrier generated forty million euros in revenue, while its expenditures stood at 49.3 million euros.
During the first quarter, Croatia Airlines handled 303.347 passengers on board its aircraft, down 12% on the pre-pandemic 2019 but up 51% on last year, which was still impacted by the pandemic. The carrier welcomed 221.488 travellers on international flights, 78.581 on domestic services and 3.278 passengers on charter flights. Compared to four years ago, figures were down 13.6% and 10.9% on international and domestic services respectively, while the number of travellers on charters grew by some 2.000 passengers, or 184.8%. The average cabin load factor for the quarter stood at 61.3%, down 6.7% points on 2019 but an improvement of 9.9 points on last year. Average loads amounted to 61.7% on international services and 58.1% on domestic flights.
Croatia Airlines ran a total of 5.112 flights on thirteen international and seven domestic destinations, which was more than four years ago when it operated a total of 5.019 services. It had an average of 57 flights per day. Its fleet comprised of thirteen aircraft during the Q1 period, including six Dash 8 Q400s, five Airbus A319s and two A320s, one of which is used as a back-up. The turboprop fleet was utilised on 64.9% of all flights. During the first quarter, the Croatian carrier counted a total of 895 employees. “The beginning of 2023 has exceeded the company’s expectations as demand for air travel continues to grow”, Croatia Airlines said.
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