Croatia Airlines Reports $ 22M Half Year Loss

Croatia Airlines ended the first half of 2022 with a net loss of 21.8 million Euros, the equivalent of nearly $ 23 million USD. The airline has struggled to turn a profit since the start of the global pandemic, with June 2022 being the first profitable month since the outbreak began. Even as air travel demand surges, Croatia Airlines has not managed to reach pre-pandemic levels of passenger traffic.

A devastating number

2022 has been a bleak year so far for Croatia Airlines’ profits. The airline just reported a loss of 21.8 million Euros from the first half of 2022 alone. This number is up 11 percent from the reported loss from the first half of 2021. The further increase in loss has led to available capital and reserves decreasing up to three times as much as at the end of 2021.


Revenue has been on the rise amid the rapid increase in travel demand. During the first half of 2022, revenue was up 93 percent over revenue in the same period for 2021. This increase is still not enough to reach 2019 levels for the same period. Total revenue reported was down 23 percent compared to the first half of 2019.

Amid inflation and skyrocketing fuel prices, the cost of operations has reportedly risen by over 70 percent. Recently the airline addressed the increase in both revenues from last year and rising costs. It said,

“Significant positive developments were achieved compared to the first half of 2021, however, it should be noted that the increase in the price of fuel significantly impacted the cost of operations. The unpredictability of the pandemic and its continuation this coming autumn and winter may have a notable impact on demand, and, consequently, income “

Future outlook

Despite the negative bottom line that has been reported, there were several optimistic numbers reported as well. Ticket sales for the first six months of 2022 were up 350 percent from the first six months of 2021. Over the next six months, between August 2022 and January 2023, ticket sales are already up 170 percent over last year. These numbers still fall 23 percent behind those of 2019 for the same period.

Aboard the airline’s fleet of seven Airbus A320 series aircraft and six Dash 8 series aircraft, 189 percent more passengers were transported in the first half of 2022 than in the first half of 2021. Following the pattern, these numbers still fell behind 2019 numbers. The airline would have needed to carry an additional 58.1 percent of passengers to match pre-covid numbers.

Croatia Airlines fleet saw far more passengers during the first half of 2022 that during the first half of 2021, but still not as many as it did in the same period in 2019. Photo: Croatia Airlines

Many European airlines have been affected by the war in Ukraine, Croatia Airlines reports that it has seen minimal direct effect from the war on its sales. The airline previously operated a seasonal route to St. Petersburg but that route was terminated before the pandemic and has not reopened since. The airline does not foresee the ongoing conflict to have any major impact on its revenue in the coming years.

These reports come amidst a renewed ambition of Aegean Airlines to acquire Croatia Airlines. Talks have been held previously regarding the acquisition, but no firm decision has ever been made. The continuous decrease in capital has increased the likelihood of the acquisition.

Croatia’s national air carrier Croatia Airlines has reported a nearly 22 million Euro profit loss across the first half of 2022. With ticket sales up over 2021 the airline remains optimistic about a brighter future despite sales continuously failing to reach pre-pandemic numbers. This reported loss comes amidst renewed aspirations of Aegean Airlines to acquire Croatia Airlines.

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Source: EXYU Aviation

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