Air Serbia Reports Second Successive Year Of Profitablity: €3.9m Net Profit

Air Serbia, the national airline of the Republic of Serbia, recorded a net profit of 3.9 million euros in its second full year of operation, exceeding last year’s profit of 2.7 million euros by 44 percent, according to an announcement on Thursday.

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

This was accompanied by an 11 percent 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 21.5 million euros 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.

Air Serbia (former Jat Airways) was launched as the national airline of the Republic of Serbia in October 2013.

Etihad Airways holds a 49 percent share of Air Serbia. The airline currently operates a fleet of 14 narrow-bodied and 6 turboprop aircraft.

The general sales agent (GSA) for Air Serbia in Greece is Intermodal Air.