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CRAL-R-A - Croatia Airlines Dd News Story

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Last Trade - 28/06/17

Micro Cap
Market Cap £n/a
Enterprise Value £n/a
Revenue £190.5m
Position in Universe th / 640

Croatia receives no bids for troubled airline

Thu 28th November, 2013 3:45pm
ZAGREB, Nov 28 (Reuters) - Croatia received no offers to buy 49 percent of its troubled national flag carrier Croatia Airlines (CA)  HRAR.ZA  by the midnight deadline, Transport Minister Sinisa Hajdas Doncic said on Thursday. Last month Croatia invited investors to express interest in buying a stake in CA in a preliminary tender. "We have received no offers, but I'm confident there will be interested parties in another round in early 2014. This is nothing dramatic," Hajdas Doncic was quoted as saying by state news agency Hina. He said that restructuring efforts led to the airline posting profits this year for the first time in its history. "I believe those positive results will help in the second round," Hajdas Doncic said. In the first nine months of this year CA posted a net profit of 20.3 million kuna ($3.6 million). It posted a net loss of 475 million kuna for the whole of last year.   The government has not indicated how much it could raise from the sale of a stake in CA, which is a member of the Star Alliance with Germany's Lufthansa  LHAG.DE .  CA has survived the last two decades largely on state subsidies, which are no longer possible after Croatia joined the EU in July. Croatia is under pressure to cut its budget deficit and public debt. In the past months it has put up for sale the last state-owned local bank, a leading insurer and the cargo section of state railways, and plans to lease out the operation of its motorways.  ($1 = 5.6291 Croatian kunas) (Reporting by Igor Ilic; Editing by Elaine Hardcastle) (( 1 4899 970)(mobile +385 98 334 053)) Keywords: CROATIA AIRLINE
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