Air Serbia, the national airline of the Republic of Serbia, reported a net profit of EUR 2.7 million for its first full year of operations.
A total of 2.3 million passengers travelled with the airline in 2014, which posted a load factor of 67% for the year.
In a significant improvement on the performance of the former Jat Airways, Air Serbia’s average on-time performance was 78%, which is now in line with the industry average for airlines in Europe.
James Hogan, president and chief executive officer of Etihad Airways, a 49% shareholder in the national carrier, said: “We are delighted with the progress Air Serbia has made in delivering on its performance objectives in the very competitive European market.”
Since Air Serbia’s launch on 26 October 2013, the airline has undertaken a number of initiatives outlined in its turnaround plan to rebuild the national carrier and transform it into a profitable, stable, reliable and strong airline to serve Serbia and the broader Balkan region.
The airline was rebranded and ten new generation Airbus aircraft were introduced, with eight A319 and two A320 added to the fleet. As a result, the average age of the jet fleet has decreased from 25 to 10 years, delivering greater reliability and significantly lowering the costs of operation.