The state-owned airline "ToMontenegro" managed to end last year with a profit of 540 thousand euros, although it had a negative result of four million euros until July, said the chairman of the board of directors, Tihomir Dragaš, at a press conference.
He stated that in the first quarter of this year, the company recorded an increase in the number of passengers, cabin occupancy and revenue, and that the goal is for the company to be modern, sustainable, to be a service to citizens and tourism, to be a regional leader and to expand its network of destinations and fleet.
When asked why the company had a profit of 2024 thousand in 540, and 2023 million in 3,4, CEO Vukadin Stojanović, who took over the position in mid-July last year, said that there were several factors - that 2023 was the first year of growth in aviation revenue worldwide after Covid, that fuel prices were significantly lower than in 2024, but that the result was affected by the lack of commitment and inertia that existed in the company until July last year.
"We managed to significantly improve our business in the second half of the year, make significant savings that did not affect work safety, and ultimately turn a possible large loss into a positive result. I am not satisfied because last year should have been a significantly better result, even though we are talking about a globally worse year in aviation than 2023," said Stojanović.
He stated that 498 thousand passengers were transported last year, and that in the first three months of this year we have seen a 44 percent increase in the number of passengers.
"In March, we had 80 percent cabin occupancy, which never happened even in the former company. We expect this year to be better than the previous one and to be the third consecutive year in which the company achieves a positive result without state assistance. We are fully liquid and regularly pay all obligations," said Stojanović.
He also stated that the company now has ten million euros in cash in its account, that its planes are worth over 15 million, and that its overall business is worth significantly more than the 30 million invested in the company four years ago.
When asked about comparing the current company to the operations of Montenegro Airlines (MA), Stojanović said that MA was a larger company, that it had twice as many employees, and that it performed well except in its last five to six years when losses were incurred.
"If we take into account that MA had over 100 thousand passengers from the Russian market, where we cannot fly now, we are approaching the number of passengers they had," said Stojanović.
When asked about the company's future development, he said that he expects to receive the "Charlie" aircraft that the government purchased last year, although it will require significant investment because it has not flown for four years.
"An airline cannot purchase new aircraft without the decision and support of its founder - the Government. Used first-generation Embraer aircraft can now be purchased for $10 to $14 million. New second-generation aircraft for $40 to $45 million. If certain contracts were taken into account, five new aircraft could be purchased for about $180 million. That is about 20 percent of the value of the constructed highway from Podgorica to Kolašin. I think that a modern, sustainable airline with five new aircraft would bring much more to the Montenegrin economy and tourism and be a more significant bridge to the world," said Stojanović.
Dragaš said that since last year, the company has achieved significant savings on several contracts thanks to the activities of Stojanović and other members of the new management - that they managed to reduce the cost of insuring two aircraft and a "Charlie" under the same conditions from 950 to 580 thousand, that the costs of purchasing catering have been reduced by two and a half times, as with almost all other important contracts.
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