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Air Montenegro carried 70% more passengers in the first quarter

May 11, 2023

In the first quarter of 2023, the company carried almost 55,000 passengers on 772 operated flights. That is 70% more passengers transported than in the first quarter of 2022. The average capacity utilization factor in that period increased from 50% to 60%.

On the route between Podgorica and Belgrade, 23% more flights were operated and 75% more passengers carried, which led to an increase in average occupancy from 44% to 60%.

The Tivat-Belgrade route had 8% more flights in the first quarter, with even 48% more passengers and an increase in the passenger load factor from 40% to 60%.

From Tivat to Istanbul, the flight occupancy increased from 54% to 63%.

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, 11.5% above the plan for 2023.

At the same time, costs increased by 39%, and amounted to EUR 5.7 million, 9.5% less than budgeted.

The result achieved in the first quarter of 2023 is EUR -458,515.01, which is a better result by EUR 1,712,169.48 compared to the same period in 2022. The result realized without depreciation in the first quarter of 2023 is positive for the first time in this period and amounts to EUR 45,823.78.

Entertainment expenses have been halved. 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 EUR 1530 in January to EUR 1430 in March. At the end of the period concerned, the company has 151 employees. Gross salary costs accounted for 15% of total costs. The company has no overdue debts.

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