Business News

Adria Airways Reports EUR 5.7M Loss for Q1

Ljubljana, 17 May (STA) - Slovenian flag carrier Adria Airways made a loss of EUR 5.7m in the first fiscal quarter of the year, which is EUR 2.3m less than in the same period last year, the company said in a statement on Friday.

The quarterly loss is in line with the company's plans for the year, the statement reads.

The cash-strapped airline finished last year with a loss of EUR 10.8m, most of which it generated in the first quarter, when demand for flights is at its lowest. It therefore expects to break even by the end of this year.

The results were debated at a session of the supervisory board on Thursday, which also examined restructuring efforts at the company.

Meanwhile, the supervisors did not discuss the call to applications for a new board member which was concluded on 30 April.

The appointment of a new board member will complete the management board and pave the way to the naming of a full-time chairman.

Interim chairman Mark Anžur told the STA that he was happy with operations in the first three months of the year. The goal of breaking even by the end of the year is in reach.

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