Air Serbia on course to break even as revenue rises 47%

Etihad last year helped to relaunch Serbia’s loss-making airline Jat Airways as Air Serbia following financial pledges of US$40 million, which were converted into a 49 per cent equity shareholding.

Air Serbia, part-owned by Etihad Airways, reported a 47 per cent increase in revenue during the first quarter and said it is on track to break even this year.

“Air Serbia has built a solid foundation in the six months since it was launched and is on track to break even in 2014,” said Dane Kondic, the chief executive.

The national airline of Serbia did not provide figures for net profit or revenue. However, it said that passenger numbers were up 66 per cent to 364,924, compared with the same period a year earlier.

Last year, Etihad helped to relaunch Serbia’s loss-making airline Jat Airways as Air Serbia following financial pledges of US$40 million, which were converted into a 49 per cent equity shareholding.

The airline introduced three Airbus aircraft – two A319s and one A320 – into its fleet during the quarter.

Its cargo tonnage increased 46 per cent to 175 tonnes in the first quarter, compared with a year earlier.

Meanwhile, in the first three months of the year it launched new routes to Sofia in Bulgaria and Budapest in Hungary, bringing its network to 34 Euro-Mediterranean destinations. Air Serbia said it would launch more routes this year, without providing further details.

selgazzar@thenational.ae

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Published: May 29, 2014 04:00 AM

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