Croatia Airlines posts €13 million loss


Croatia Airlines registered a net loss of 13.1 million euros during the first three quarters of the year, up from a loss of 6.5 million euros during the pre-pandemic 2019. However, its financial performance so far this year has notably improved on the 22.2-million-euro loss it generated in 2021. In the third quarter alone, traditionally its strongest, the airline’s net profit amounted to 8.6 million euros. It marks the carrier’s first profitable quarter since the onset of the coronavirus pandemic. Croatia Airlines noted its financial performance was strongly affected by high fuel prices which negatively impacted its balance sheet by 23 million euros.

Operationally, the carrier handled 1.087.997 passengers during the first three quarters, up 95.5% on the same period last year, but down 36.1% on 2019, or 613.574 fewer travellers. The carrier welcomed 263.896 customers on domestic flights and a further 783.635 passengers on international services. A total of 40.446 travellers were handled on charters, which made up 4% of total flight operations so far this year. The average cabin load factor on domestic services amounted to 56.5%, up 11.1 points on last year but down from 69% three years ago. On international flights, the average cabin occupancy stood at 61.7%, up 9.2 points on 2021 but still down 12.3 points on its pre-Covid figures.


Ticket sales during the first three quarters have improved two-fold on the same period last year. Existing booking for the coming six months, from November 2022 through to April 2023, show a significant recovery compared to the same period last year and has increased by 70%, but it is still lower by 30% on the November 2019 to April 2020 timeframe. “The behaviour of those buying and booking tickets has changed significantly compared to the pre-pandemic years. During the crisis, dynamic late bookings have been prevalent, which has continued into 2022”, Croatia Airlines said.



Comments

  1. Anonymous09:02

    Shut it down

    ReplyDelete
    Replies
    1. Anonymous09:06

      The only loser would be Zagreb, they depend on OU

      Delete
    2. Anonymous09:06

      Why?

      Delete
    3. Anonymous10:17

      It is an excellent result. Add the subsidies they had received and it is easy to calculate how much in total they will have lost this year...
      I bet the total damage will be about 70 mln €...
      13(so far)+ 50 (subsidies)+ 5 (at least for the last quarter)

      Delete
  2. Anonymous09:03

    Just don't get how they will buy new planes with these kind of results.

    ReplyDelete
    Replies
    1. Anonymous22:12

      Just watch

      Delete
    2. Anonymous10:22

      They won't. Somebody else will buy it for them ... You will just be called to pay the bill . Then when you have paid them, then they will ,'sell them and lease back'. And then you will pay the leasing.

      Delete
  3. Anonymous09:04

    At least they were profitable in Q3.

    ReplyDelete
    Replies
    1. Anonymous09:08

      OU haters will be fuming. They were all saying that they would make losses during Q3. It just shows OU have an excellent management that has been able to produce an excellent recovery.

      Delete
    2. Anonymous09:09

      Hahahahaha

      Delete
    3. Anonymous09:18

      I really can't take @9.08 seriously. Firstly I don't remember anyone commenting on their Q3 result, second this is quite a disaster both financially and operationally.

      Delete
    4. Anonymous10:28

      Every airline in the northern hemisphere makes profit in Q3 (July, August, September).

      It's what you do outside of the top season, is what matters.

      Delete
    5. Anonymous10:34

      OU managment is shit.

      Delete
    6. @An.09.08, you just made my day 😃I can't stop laughing...... 😃

      Delete
  4. Anonymous09:05

    Bravo OU! A very good recovery!

    ReplyDelete
    Replies
    1. Anonymous09:17

      How is it a good recovery when losses are double on 2019?

      Delete
    2. Anonymous09:52

      It's easier to say the recovery is good and do absolutely nothing than actually trying to improve the business. Meanwhile most other airlines are registering profits and operating above pre-Covid levels.

      Delete
    3. Anonymous10:26

      This and some other affirmative posts show that Croatia has invested in AI. The AI now runs bots and scrapes all the aviation forums and then throws such comments.

      Delete
  5. Anonymous09:18

    Let's not forget the amount of aid they received this year.

    ReplyDelete
    Replies
    1. Anonymous09:51

      Over 50 million euros

      Delete
    2. Anonymous09:57

      Was it included in this 13 mil loss?
      If yes it means OU would have had loss of 63 mil eur without it?

      Delete
    3. Anonymous15:30

      OU is worth every euro!

      Delete
  6. Anonymous09:59

    Bravo Hrvatska!

    ReplyDelete
    Replies
    1. Anonymous10:56

      LOL

      Delete
    2. For having losses in flag carrier after peak season incomes? Seek help!

      Delete
    3. Anonymous22:14

      Maybe you need help

      Delete
  7. Anonymous10:07

    I estimate a loss of around 18-20 million euros at the end of the year. Q4 is always a poor performer for them.

    ReplyDelete
    Replies
    1. Anonymous10:26

      Yes, I think this is a likely scenario.

      Delete
    2. Anonymous10:26

      What was the loss last year?

      Delete
    3. Anonymous10:32

      38 million EUR

      Delete
    4. Anonymous11:38

      Yes, I think 20 million is likely. Better than last year considering all the restrictions.

      Delete
    5. Anonymous11:40

      And what was their end of year result in 2019?

      Delete
    6. Anonymous11:43

      10.7 million EUR.

      Delete
  8. Anonymous10:08

    Does Jasmin Bajic exist? Does he ever comment about anything that is happening at the airline? The results? Taking accountability for it?

    ReplyDelete
    Replies
    1. Anonymous10:11

      He hasn't even bothered to make a statement about the A220s so I doubt he is going to comment about their losses.

      Delete
    2. Anonymous10:32

      Well the government awarded him with a full term after extending temporary terms for years. So they are obviously really happy with the losses and the way the company is run.

      Delete
    3. Puppet. Apparatchik. Uhljeb. What else you expected?

      Delete
  9. Anonymous10:25

    Privatization is the only way to save OU.

    ReplyDelete
    Replies
    1. Anonymous11:34

      That's what they said about Adria too.

      Delete
  10. Anonymous10:31

    I like how some kid has obviously been playing on their wikipedia page listing these as their subsidiaries

    Subsidiaries
    Croatia Express
    Croatiajet
    Heptagon Circle Limited
    Croatia Transoceanair

    ReplyDelete
    Replies
    1. Anonymous10:32

      Croatia Transoceanair lol

      Delete
    2. Anonymous10:53

      They must be landed, so far so good. :)

      Delete
  11. Anonymous11:33

    Charters just 40.446 passengers? There is a segment you can develop profitably right there. Especially with OU having its own tour agency,

    ReplyDelete
    Replies
    1. Anonymous11:37

      I also always wondered why OU doesn't do more charters, at least for foreign tourists.

      Delete
    2. Anonymous12:08

      Here we go again ! Because most of tourists come to Croatia by their car and of course Croats live in a major tourist country like the Greeks and prefer to do their summer vscation in their country !

      Delete
    3. Anonymous12:33

      There are a lot of charters from Scandinavian countries to Split, even OU has charters to Split.

      Delete
    4. Anonymous15:31

      OU has done more charters this year then ever! That's the way forward for them.

      Delete
  12. Anonymous11:37

    At least Q3 was profitable. If it wasn't we would really be looking at the end of the airline.

    ReplyDelete
    Replies
    1. Anonymous11:58

      They finally realized that the coast is the money maker :)

      Delete
  13. Anonymous15:13

    Please shut them down and stop wasting our taxpayer’s money.

    ReplyDelete
  14. Anonymous19:11

    @Admin you are missing ZRH-PUY and ZRH-SPU on your list of new route launches

    ReplyDelete
    Replies
    1. Anonymous19:16

      It's not new. It's just a seasonal route extended to year round

      Delete
  15. Anonymous13:48

    ^ Ouch

    ReplyDelete
  16. They have awfully unfriendly customer service. The booking site is very unmodern.

    ReplyDelete

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