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Adria Airways in the red again

Ljubljana, 13 September (STA) - The Slovenia-based carrier Adria Airways slipped back into the red, posting a net loss of EUR 5.4m last year. In 2016, the company was in the black due to the sale of its brand, while last year's negative result is attributed to rising fuel prices. Revenue was up by 1.7% to EUR 159.2m.

According to the company's business report, the negative impact of the fuel price hike stood at EUR 4.4m.

Another blow was the termination of a cooperation agreement with an Estonian carrier Nordica as well as the termination of cooperation with Lodz, Poland, Adria said.

On the other hand, Adria saw an increase in revenue from passenger transport to EUR 146.8m.

It transported 1.2 million passengers, up 9.6% from the year before.

The former flag carrier, which was acquired by the German turnaround fund 4K Invest in 2016, conducted 4.5% more flights last year, 20,415.

Adria CEO Holger Kowarsch said optimisation had started at virtually all business segments of the company, "which will enable us to improve business results in the future and adapt easier to the needs of the market."

He noted that the company's fleet had also been modernised and optimised, and announced growth in the segment of scheduled and charter flights, and the transportation of cargo.

Plans for this year include 22,630 flights or a 10.8% increase compared to last year. The number of passengers is expected to reach 1.26 million or 16.2% more than last year. Sales revenue is to go up by 22.8%.

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