Montenegro Airlines improves passenger numbers by 6% y/y

Montenegro Airlines handled 601.000 passengers this year representing an increase of 6% compared to 2011. The result is still some way off from its 2010 record when it welcomed 630.000 passengers on board its aircraft. The airline says that despite a tough financial year its...

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Montenegro Airlines improves passenger numbers by 6% y/y



EX-YU Aviation News - 31.12.2012

Montenegro Airlines handled 601.000 passengers this year representing an increase of 6% compared to 2011. The result is still some way off from its 2010 record when it welcomed 630.000 passengers on board its aircraft. The airline says that despite a tough financial year its results are steadily improving and the carrier has seen growth in all sectors, making it one of the most successful in Europe and the most successful in the region.
Earlier this year the Montenegrin government provided some 36 million euros to the company in order for it to pay off its debt and restructure. A plan to privatise the national carrier has been postponed indefinitely. Over 2013 the airline will continue operations with its existing fleet of eight aircraft, while a new Embraer jet will join its flock in 2014.
 Montenegro Airlines ended 2011 with a loss of just over five million euros. The airline says its finances will depend on sound business decision but also global fuel prices. The carrier did not mention its losses for 2012, only noting that its revenue has increased by 7% compared to last year. Several months ago the Montenegro State Audit Institution accused the national carrier of covering up millions in debt, a claim the airline has completely denied.


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