Adria figures reveal growing financial pressure on carrier

Slovenian flag-carrier Adria Airways' latest full-year figures have revealed the extent of the financial pressure on the airline which collapsed at the end of September. The airline's operating loss for 2018 increased nearly five-fold to E16.2m while its net loss more than trebled to E18.6m. Adria's revenues reached E179m. It had assets of E48m but liabilities of E62.2m. These included current liabilities of nearly E55m against current assets of less than E20m. Managing director Holger Kowarsch, who took over at the beginning of 2018, said in the newly-released annual report that the result was not one with which the company could be "completely happy", adding that it reflected "some historic decisions and past business moves". Kowarsch pointed out that the company suffered higher costs, including the strengthening of the US dollar, and delays in admitting six Saab 2000s to the fleet, along with serious disruption to its flight operations. The airline lacked sufficient crews, which meant it had to resort to leasing. But he claimed that the airline was "successfully adapting" to changes in the aviation industry, with its greater focus on its own leasing services.<br/>