Air Montenegro registers €1.6 million loss

NEWS FLASH

Air Montenegro has recorded a loss of 1.6 million euros during the first three quarters of the year. The Montenegrin carrier blamed high fuel prices and the ongoing conflict in Ukraine for its financial performance. “Had the price of fuel remained at the same level as last year or of that in 2019, our expenses would be lower by 4.1 million euros, and, therefore, our results would be significantly better. This year alone, the company has spent 11.4 million euros on fuel, which makes up over 30% of all expenses”, the airline’s President of the Board of Directors, Pavle Ljesar, said. Mr Ljesar added that the discontinuity between the former flag carrier Montenegro Airlines and the new national airline has created issues in terms of access to global suppliers, membership in international organisations such as IATA and a reduction in the number of available aircraft. Air Montenegro handled close to 300.000 passengers during the first three quarters of the year.