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CRAL-R-A - Croatia Airlines Dd News Story

HRK140 0.0  0.0%

Last Trade - 28/06/17

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

Croatia seeks strategic partner for flag carrier

Thu 21st February, 2019 11:09am
ZAGREB, Feb 21 (Reuters) - The Croatian government launched
a bid to find a strategic partner for national flag carrier
Croatia Airlines  HRAR.ZA  on Thursday, needed to expand its
flight network, secure a capital boost and renew the fleet.
    "We can secure further development of the national flag
carrier only by finding a suitable strategic partner," Transport
Minister Oleg Butkovic told a cabinet session.
    He said the government would form a special government
commission to consider the best available options and then
propose a strategic partner to the government.
    There is no deadline given for the commission to complete
its work.
    The state owns close to 97 percent of the airline. A
potential strategic partner from outside the European Union
would not be able to acquire more than 49 percent.
    In the first nine months of 2018 Croatia Airlines, which
operates 12 planes, posted a net loss of 34.4 million kuna 
($5.26 million), down from a net profit of 100.4 million kuna in
the same period in 2017. 
    However, the nine-month 2017 profit included revenue from
the sale of airport slots worth 138.6 million kuna. Without that
one-off income, the company would have posted a net loss of 38.2
million kuna.
($1 = 6.5411 kuna)

 (Reporting by Igor Ilic; Editing by Jan Harvey)
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