Croatia Airlines maintained the gains made in the first half of the year and ended the first three quarters with a profit of 7.1 million euros. The Croatian airline noted that the recent sale of five Airbus A320 family aircraft to World Star Aviation was included in its overall cash flow. During the nine-month period, the airline made a profit of 22.1 million euros from the sale of real estate and also received 12.5 million euros from the state. The company’s cash outflow increased significantly due to two installments of the finance lease of the Airbus A220 aircraft and a 10% pre-delivery payment for the aircraft’s engines.
The profit achieved by the airline was an improvement on the loss of 13.1 million euros in the same period in 2022, and a recovery from the 6.4 million euro loss in 2019, before the pandemic. Other factors contributing to the airline’s strong financial results were increased travel demand and lower fuel prices. Croatia Airlines has 97.9 million euros in its bank account, but its debts amount to 78.8 million euros. “The balance sheet improved significantly in the first nine months of 2023 due to the implementation of the strategic initiatives defined in the post-corona strategy, positive market trends, profit growth and lower fuel prices. “Although the company maintains a strong cash position, the high debt burden remains a notable aspect of its financial situation,” Croatia Airlines said.
Croatia Airlines handled 1,350,237 passengers in the first nine months of this year, an increase of 24% compared to 2022, but a decrease of 21% compared to 2019. The average cabin load factor was 65.9%, an improvement of 4.1 points from last year. The airline hosted 313,426 travelers on domestic flights, 978,566 passengers on international flights and 58,245 passengers on charters. The average cabin load factor for domestic flights was 59.9%, but for international flights it was 65.5%. In the period from January to September, the Croatian flag carrier operated 19.999 flights, an increase of 14% compared to the previous year. The airline has 915 employees.
