Croatia’s national air carrier reported losing EUR10.7m (net) in 2019, according to the Exyuviation website.
The site said that the reported losses were an improvement from the previous year when they equaled EUR11m. The company blames the new IFRS 16 accounting standards, spending on aircraft maintenance and costs related to the EU’s new system emission trading system for the weak results.
The company’s revenues increased from EUR229m to EUR230m last year, while expenditures mostly remained unchanged at EUR238m.
The company’s expenditures were mostly related to airplane rentals, B92 has reported. Croatia Airlines carried a record-breaking 2.179 million passengers last year for a 0.5% increase.
During 2019 the company performed 28,432 flights which is 1.5% more year-on-year. Its share of the domestic market during the year was an average 23% down from 25% in 2018 and 38% in 2017 despite being the highest in the winter season (January and December) when it equaled 25%.
The company’s smallest market share was registered in July and August when it averaged 15% which was its smallest monthly share on record and 1% lower than the previous year.