Air Serbia recorded a net profit of 3.9 million euros in its second full year of operations, an increase of 44% on last year, and cemented its position as the most profitable carrier in the former Yugoslavia. Yesterday, the airline posted total revenues of 305 million euros for 2015, representing an increase of 16% over 2014, a result that was driven by significant growth in passenger numbers. These results were achieved on the back of growth in the airline’s key operating metrics, including its network capacity, which expanded 6% to 3.65 billion Available Seat Kilometres (ASK) in 2015, and the number of operated flights, which increased by 8% to 32.384 services by the end of last year. This was accompanied by an 11% year-on-year rise in passenger numbers, which grew to 2.55 million in 2015, and an increase in the average cabin load factor, which rose to 71% in 2015 from 67% the year before.
Air Serbia’s annual financial statements were independently audited by KPMG in accordance with International Auditing Standards, the carrier says. The airline's CEO, Dane Kondić, noted, “Our increased revenues and profit are a great achievement and a direct result of our unwavering focus on lowering costs, raising productivity and building on our product and service offering. There has also been a continued focus on improving sales and commercial performance as well as attention on revenue management". He added, "Last year, we consolidated and built depth into our European network and are now in a position to expand it regionally and across the Atlantic. Our strategy in 2016 is to strengthen the network further by taking advantage of Belgrade’s position as the gateway to the Balkans and capturing regional traffic flows to the United States”.
Air Serbia plans to capture regional traffic flows to the United States
During 2015, Air Serbia employed an additional 400 staff members, growing the combined workforce of the Air Serbia Group, including its subsidiaries, Air Serbia Catering and Air Serbia Ground Services, to 2.450 people. The carrier's President of the Supervisory Board, Siniša Mali, said, “With the support of its shareholders, Air Serbia will this summer expand its network to five new markets, including New York, opening the doors for more growth, increasing Serbia’s brand visibility and laying the groundwork for the airline to make an even bigger contribution to the national economy in 2016”. Apart from the arrival of its first wide-body aircraft and the launch of its first transatlantic service, Air Serbia will introduce flights to Kiev, Hamburg, St. Petersburg and Ohrid this summer season, and wet-lease a Bombardier CRJ900 aircraft from Adria Airways for its regional operations.
The Vice Chairman of the Supervisory Board of Air Serbia and the President and CEO of the carrier's part-owner Etihad Airways, James Hogan, noted, “We are pleased by Air Serbia’s continued success in restructuring and strengthening its commercial operations. This success is evidence of the equity partnership strategy in action. Air Serbia has made tremendous strides on its journey to sustainable profitability. Europe is a very competitive market, and the airline’s ongoing investment in products and services has created a compelling offering for European consumers”.