Air Serbia Reports Net Profit of EUR 3.9 Million

Air Serbia has reported a net profit of EUR 3.9 million in its second full year of operation, exceeding last year’s profit of EUR 2.7 million by 44%.

The airline posted total revenues of EUR 305 million for 2015, representing an increase of 16% 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% to 3.65 billion Available Seat Kilometres in 2015, and the number of flights operated, which increased by 8% to 32,384 flights by the end of last year.

This was accompanied by an 11% 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.

“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,” said Dane Kondić, Chief Executive Officer of Air Serbia. “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.”

Siniša Mali, President of the Supervisory Board of Air Serbia, said, “Air Serbia’s strong financial results for 2015 are a clear and pleasing sign that the business is becoming stronger and the strategy it has put in place is delivering on its key commercial objectives. With the support of its shareholders, Air Serbia will this summer expand its network to five new markets, including New York, opening the doors for more growth, increasing Serbia’s brand visibility and laying the groundwork for the airline to make an even bigger contribution to the national economy in 2016.”

In 2015 the airline employed 400 additional staff, growing the combined workforce of the Air Serbia Group, including its subsidiaries, Air Serbia Catering and Air Serbia Ground Services, to 2,450 people. 

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