Business News

Flag Carrier Reports EUR 3.1M Net Loss

Ljubljana, 14 February (STA) - Adria Airways posted a net loss of EUR 3.1m in 2013, while managing to make an operating profit of EUR 465,000, Slovenia's flag carrier said in a statement on Friday. Passenger numbers were up nearly 5%.

Operating results were reviewed by the supervisory board of Adria Airways on Thursday. Among the main findings is that the number of passengers on scheduled flights increased by 4.8% last year. The number of flights operated by the airline was down by 5.1% on the year before.

Adria's flights were filled to around 73% of capacity on average in 2013, an improvement of 6% over a year earlier and 7% better than planned, said the carrier.

The net loss is meanwhile mostly a result of one-off events which are for the most part related to past operations, the statement from the company reads.

The company's earnings before interest, tax, depreciation and amortization (EBITDA) stood at EUR 7.9m.

The carrier, which has been undergoing restructuring after receiving EUR 50m in state aid in 2011, managed to reduce its debts by EUR 8.9m in 2013.

As part of restructuring, Adria said it had implemented cost cutting and various measures aimed at boosting sales, but highlighted that its return to profitability was also dependent on a general improvement in the business environment in Slovenia.

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