Air Serbia reports rise in profits

Air Serbia recorded a net profit of EUR3.9 million in its second full year of operation, exceeding last year’s profit of EUR2.7 million by 44 per cent. 

The airline posted total revenues of EUR305 million for 2015, representing an increase of 16 per cent over 2014, a result that was driven by significant growth in passenger numbers.

These results were achieved on the back of growth in the airline’s key operating metrics, including its network capacity, which expanded 6 per cent to 3.65 billion Available Seat Kilometres in 2015, and the number of flights operated, which increased by 8 per cent to 32,384 flights by the end of last year.

This was accompanied by an 11 per cent year-on-year rise in the number of passengers carried, which grew to 2.55 million in 2015, and an increase in the load factor, a measure of filled seats compared to available seats, which went up to 71 percentage points in 2015 from 67 percentage points the year before.

Air Serbia’s codeshare partnerships contributed EUR 21.5 million in 2015, a result of the airline developing its existing agreements and signing new codeshare partnerships with Aegean Airlines, Air Baltic, Air China, Air Europa and LOT Polish Airlines.

Dane Kondić, CEO of Air Serbia, said: “Our increased revenues and profit are a great achievement and a direct result of our unwavering focus on lowering costs, raising productivity and building on our product and service offering.

“There has also been a continued focus on improving sales and commercial performance as well as attention on revenue management.

“Last year, we consolidated and built depth into our European network and are now in a position to expand it regionally and across the Atlantic. Our strategy in 2016 is to strengthen the network further by taking advantage of Belgrade’s position as the gateway to the Balkans and capturing regional traffic flows to the United States.”