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Croatia Airlines Post First Profit Since 2007

CroatiaCroatia’s national carrier Croatia Airlines, which is currently up for sale, have posted a profit for the first time in half a decade…

Croatia Airlines recorded profits in 2013 of 87,450 euros, the first positive result it has posted since 2007, with restructuring processes paying dividends.

“During 2013 all activities were directed towards the restructuring process. Restructuring is necessary for the long-term sustainability of Croatia Airlines under Croatian and European Union laws. The biggest obstacle facing Croatia Airlines is the high seasonality in passenger flow. During the winter the airline has a market share of 66% but continues to record losses while during the summer the share amounts to between 23% and 36% and makes a profit”, Croatia Airlines said in a statement.

Operating profits in 2013 totalled 2.3 million euros, whilst in 2013 they posted losses of 6 million euros. In 2012 Croatia Airlines posted a loss of 8.3 million euros excluding special items, or 63 million euros from non-recurring items. Croatia Airlines says that they will continue with restructuring processes as they continue to look for a partner.

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