Croatia Airlines posts HRK 475 mln loss in 2012

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Croatia Airlines closed 2012 with HRK 475.1 million in losses, as against HRK 75.5 million in 2011, which was mainly due to non-recurring items related to restructuring, according to a preliminary financial report released on the Zagreb Stock Exchange earlier this week.

Revenues totalled HRK 1.76 billion, up 0.7% from 2011, while expenditures rose 22.5% to HRK 2.24 billion.

The net loss was actually cut by 14% to HRK 64.7 million, the management said.

In 2012, the company flew 1,951,501 passengers, up 4% from 2011.

Ticket sales grew 10%, although sales in Croatia dropped and those abroad rose. The biggest increase was registered in Australia, as much as 65% (by HRK 41.8 million), and in France (by 36% or HRK 20.6 million).

Cabins were filled to 69.1% of their occupancy capacity, the highest figure in the company's history.