Turnaround: Croatia Airlines reports $1.87m H1 2023 profit

The flag carrier of Croatia has released its financial results for the first half of 2023. Croatia Airlines has announced a net profit of E1.69m. The airline has significantly improved from the same period last year. Last year, the airline posted a net loss of E21.8m. Additionally, the airline improved from its pre-pandemic results that were posted in 2019. In the first half of 2019, the airline recorded a net loss of E11.9m. Interestingly enough, the major improvements that allowed the company to profit over the first half of the year were accomplished in the second quarter of 2023. The airline recorded a net loss in the first quarter but was able to improve enough in the second quarter to record a net profit of E1.69m. Throughout the first half of 2023, which is January to June, the airline increased its revenue by 52% when compared to the first half of 2022. This increase was driven by an 83% increase in income from passenger transport. Additionally, the airline's expenditure grew by 14% compared to 2022. This was mostly due to an increased number of operated flights. Croatia Airlines released a statement following the financial results of the first half of this year. The airline stated, "The first half of 2023 was characterized by strong growth in demand for air travel following the coronavirus pandemic. Accordingly, Croatia Airlines has increased frequencies and introduced new routes, which has resulted in an increased number of flights. Positive trends on the market, strong growth in income, as well as the stabilization of the price of fuel have all contributed to the significantly improved financial results during the first half of 2023."<br/>