Croatia Airlines ends in black for third consecutive year

Croatia Airlines generated a net profit of HRK 13.8 million in 2015, which is its third consecutive year in the black, indicate the company's preliminary financial statements released on Monday.

Compared with 2014, the domestic airline company increased its net profit by 83%, however, in absolute numbers that is a modest increase of HRK 6.3 million.

The national air carrier's operating revenue last year amounted to HRK 1.55 billion and was at the same level as in 2014, as were total operating costs, which amounted to HRK 1.53 billion.

Operating profit last year amounted to HRK 16.7 million, or 22% more than the year before.

Together with its associated companies, the airline generated a net profit of HRK 14.6 million compared with HRK 8.7 million generated in 2014, note the consolidated report.

In 2015, the airline recorded 1.85 million passengers or 1% more than in 2014, with an average passenger load of 69.7%.

In a commentary on the business report, management notes that 2015 was the last year of the company's restructuring which covered a period of five years (2011-2015) with an additional two years of assessment. The restructuring programme encompassed strategic, financial and operational restructuring.  

At the same time, the government launched proceedings to find a strategic partner in the process of the company's privatisation.

Last update: Mon, 29/02/2016 - 19:20

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