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Croatia Airlines' net loss widens 11% y/y in H1

Author Annie Tsoneva
Croatia Airlines' net loss widens 11% y/y in H1 Author: Croatia Airlines. License: All rights reserved.

ZAGREB (Croatia), August 4 (SeeNews) - State-controlled flag carrier Croatia Airlines [ZSE:CRAL] said it net loss increased to 164.1 million kuna ($22.2 million/ 21.8million euro) in the first half of this year from 147.4 million kuna in the same period of 2021.

The company transported 558,146 passengers in the six months through 2022, 2.7 times more than in the same period of 2021, but 42% fewer compared to the same period of pre-pandemic 2019, the company said in a financial report filed to the Zagreb bourse last week.

Moreover, high fuel costs in the first half of this year additionally impacted its financial results, by 92 million kuna, it added.

The air carrier's total revenue rose to 630 million kuna from 308 million kuna in the first six months of last year, while overall costs surged to 794 million kuna from 455 million kuna.

Its EBITDA was a negative 63 million kuna in the first half of 2022, compared to a negative 38 million kuna in the same period of 2021.

Croatia Airlines' fleet consisted of 12 aircraft at the end of June.

The company's shares last traded on the Zagreb Stock Exchange on February 18, when they closed flat at 14 kuna.

(1 euro=7.514 Croatian kuna)

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