Croatia Airlines Jan-Sept net profit HRK 4 mln

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Croatia Airlines (CA) generated a net profit of almost HRK 4 million in the first nine months of this year compared with the same period last year when its profit amounted to HRK 42.7 million, the latest financial statement released by the airline on Friday indicates.

CA's operating profit in the first nine months of the year was also significantly lower on the year - HRK 4.8 million as against last year's HRK 46.8 million. The report notes that the figures are "better than planned and are a continuation of positive trends the company has been registering in the process of its restructuring."

"Croatia Airlines has recorded better business results in the first nine months of the year than those planned and it is expected that by the end of the year the planned HRK 10 million in net profit should be attained. In comparison with the first nine months last year, revenue was lower while the expenditure side was higher due to an increase in maintenance costs," CA explained.

Around 1.4 million passengers travelled with CA, which is equal to the number of passengers in the same period of last year, and more than two-thirds were passengers on international flights. The average cabin occupancy was 70.2%, an increase of 0.6 percentage points.

Increased investments, primarily in aircraft and spare parts of almost HRK 60 million or 25% more than in the same period last year resulted in a 3% increase in operating costs, with the largest increase being for fleet maintenance.

Croatia Airlines said that this year it entered into 12 code-share partnerships and at the start of the year started transporting passengers in cooperation with Singapore Airlines and Air Canada.