The national airline Air Montenegro carried almost 55,000 passengers on 772 flights in the first quarter of 2023. That is 70% more than in the first quarter of last year, the company announced. In the same period, revenues amounted to EUR 5.3 million, which is a 170% increase compared to the same period last year.As stated, the average capacity utilization factor in that period increased from 50% to 60%.
On the route between Podgorica and Belgrade, 23% more flights and 75% more passengers were realized, which led to an increase in average occupancy from 44% to 60%. Also, the Tivat – Belgrade route had 8% more flights in the first quarter, with as many as 48% more passengers and an increase in the occupancy factor from 40% to 60% – the announcement states. From Tivat to Istanbul, the flight occupancy increased from 54% to 63%.
The company also states that financial indicators followed the physical volume of turnover, so revenues in the first quarter amounted to EUR 5.3 million, which is 170% more than in the same period in 2022 and 11.5% above the plan for 2023.
At the same time, costs increased by 39% and amounted to 5.7 million euros, which is 9.5% less than budgeted – the announcement reads.
In the first quarter, the company generated a negative financial result in the amount of EUR 458,515.01, which, according to the company, is EUR 1.71 million better than in the same period last year. The realized result without depreciation in the first quarter is positive for the first time in this period and amounts to EUR 45,823.78 – it was stated. The company’s statement also states that the costs of the national team have been cut in half.
Almost half of the variable direct operating costs are the costs of aviation fuel, and 30% are the costs of airport services. The average net salary ranged from 1,530 euros in January to 1,430 euros in March. At the end of the considered period, the company has 151 employees. Gross salary costs accounted for 15% of total costs. The company has no overdue debts – the announcement concludes.
