Croatia Airlines has postponed a long-term Airbus A319 lease, cancelled a similar Bombardier Q400 lease and dropped a CRJ1000 seasonal lease as part of measures to rein in costs over the first half.
Over the second quarter the company made a loss of Kn62.7 million ($10 million), it states, despite the cost-cutting.
“The company, under normal circumstances, begins to make a profit to cover winter losses [in this quarter],” it adds. Last year’s net profit for the quarter was more than Kn9 million.
Croatia Airlines posted an operating loss of Kn155 million and a net loss of Kn173 million over the first six months of the year, around double the deficit at the halfway mark last year.
Revenues more than halved to Kn412 million. The company managed to cut operating costs by 41%.
Croatia Airlines says it conducted 57% fewer flights – just over 5,660 – over the first half, focusing on its Q400 fleet owing to the turboprops’ lower capacity compared with its Airbus jets.