Net profit soars in 2017 at Air Serbia

posted on 4th July 2018 by Justin Burns
Net profit soars in 2017 at Air Serbia

Air Serbia has reported a net profit of €15.7 million for the 2017 financial year – which represents an increase of €14.8 million compared to 2016.

In its fourth year of operation, Serbia’s national airline’s total revenue reached €288 million last year, a four per cent uplift on the previous year.

Despite the carrier consolidating its network and facing a sharp increase in competition, it welcomed more than 2.62 million passengers in 2017.

Air Serbia’s passenger carrying capacity, measured in available seat kilometres increased by four per cent to 4.24 billion by the end of 2017. The average seat load factor rose by one percentage point from 72.4 per cent in 2016, to 73.4 per cent in 2017.

Last year, the carrier also saw a record 749 Aviolet’s charter flights, with 174,000 passengers who travelled to destinations in Greece, Turkey, Spain, Italy and Tunisia.

Air Serbia said one of the most significant developments was the migration of its technology infrastructure to Sabre, which it said is “laying the foundations for future sustainable growth”. The platform manages core airline operations such as sales, check-in and boarding has been introduced.

Air Serbia chief executive officer, Duncan Naysmith said: “2017 was a pivotal year for Air Serbia that saw the airline implement fundamental changes to strengthen the business, which have already positively impacted on many key operating metrics. This is a fantastic sign of things to come.

“Air Serbia managed to maintain its strong passenger numbers from the year before. Both financial and operational performance in 2017 have set a strong base for us going forward.

“Despite intensified competition and other unfavorable circumstances in the market, ever since 2013 we continue to improve our results. We started 2018 with the same goal – to push forward on all the fronts, which will hopefully lead us to even better years ahead.”