Croatia Airlines maintains profit and grows passenger numbers
Croatia Airlines has retained the profit it generated during the first half of the year and ended the first three quarters 7.1 million euros in the black. The Croatian carrier noted that the recent sale of its five Airbus A320-family aircraft to World Star Aviation is included in its overall cash flow. The airline yielded 22.1 million euros from the sale of its property over the nine-month period, as well as 12.5 million euros from the state. The carrier’s cash outflow increased considerably due to the pre-delivery payment of two instalments for the financial lease of Airbus A220 aircraft, as well as a 10% pre-delivery payment for an engine for the aircraft type.
The profit achieved by the airline is an improvement from a loss of 13.1 million euros during the same period in 2022 and an upturn from the pre-pandemic 2019 loss that amounted to 6.4 million euros. Other factors that contributed to the airline’s solid financial result was an increase in demand for travel, as well as lower fuel prices. Croatia Airlines has 97.9 million euros on its bank account, however, its debt amounts to 78.8 million euros. “Implementation of strategic initiatives as defined by the Post Covid Strategy, positive market trends, growth income, as well as lower fuel prices, contributed to a significantly improved balance sheet in the first nine months in 2023. Although the airline maintains a solid cash position, the burden of a substantial debt remains a notable aspect of its financial profile.”, Croatia Airlines said.
Croatia Airlines handled 1.350.237 passengers during the first nine months of the year, an increase of 24% on 2022 but still down 21% on 2019. The average cabin load factor stood at 65.9%, an improvement of 4.1 points on last year. The airline welcomed 313.426 travellers on domestic flights, 978.566 passengers on international services, and 58.245 customers on charters. The average cabin load factor on domestic flights stood at 59.9%, while it amounted to 65.5% on international services. During the January - September period, the Croatian flag carrier operated 19.999 flights, up 14% on last year. The airline counts 915 employees.
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