Croatia Airlines recorded a loss of €19.6 million for the past year, according to the recently released financial report. In 2024, the airline’s operating loss amounted to €16 million, while the total loss, after factoring in net financing results, reached €19.6 million. The previous year, the airline had reported a net profit of €2.3 million.
Total revenue in 2024 stood at €268.5 million, marking a 1.8% increase compared to the previous year. However, expenses surged by 10%, reaching €287.9 million.
During the past year, Croatia Airlines transported 1,838,609 passengers, reflecting a 6% rise compared to 2023, reports N1
The company explained that its financial results were impacted by operational and financial challenges tied to the transition period of its aircraft fleet replacement program. Croatia Airlines anticipated financial losses during this transition phase.
The airline also pointed to significant cost pressures stemming from factors beyond its control. One major issue was the repeated delays in the delivery of two new Airbus A220 aircraft, which were initially scheduled to arrive before the start of the 2024 summer season. The prolonged delays required adjustments to operational activities related to their reception.
The first Airbus A220 entered commercial service on August 6, 2024, while the second aircraft completed its first flight on December 27.
Additionally, the airline faced extended maintenance schedules for its Airbus and Q400 fleet, further complicating operations.
Delays in aircraft deliveries and prolonged maintenance work necessitated the short-term leasing of significantly more expensive aircraft (wet lease) to maintain scheduled flights, retain airport slots, and preserve passenger trust, the financial report stated.