Jat Airways looks at losses this year

The national air carrier Jat Airways will record a loss of about EUR 20-25mn by the end of the year. This will come to pass, according to the company CEO Srdjan Radovanovic, "unless something positive happens by then". Jat Airways looks at losses this year "Unless by January 1, 2011, we reach a break-even point, we will be in trouble," Radovanovic said in an interview published by the new issue of Belgrade's Ekonomist magazine, adding that the global economic crisis has had negative effect on Jat's business. He underscored that Jat is handling the crisis with difficulty and that the company's profit has declined by around 20 percent. "Jat had transported 1.3 million passengers last year, and this year it will barely reach the number of 1.1 million," Radovanovic said. He pointed out that the main reason behind the company's poor business results, which recorded a EUR 29mn loss in 2008, is the fact the carrier is "an old-fashioned, outdated company, which was made according to the model of the seventies and eighties of the last century".

Jat Airways looks at losses this year

"Unless by January 1, 2011, we reach a break-even point, we will be in trouble," Radovanović said in an interview published by the new issue of Belgrade's Ekonomist magazine, adding that the global economic crisis has had negative effect on Jat's business.

He underscored that Jat is handling the crisis with difficulty and that the company's profit has declined by around 20 percent.

"Jat had transported 1.3 million passengers last year, and this year it will barely reach the number of 1.1 million," Radovanovic said.

He pointed out that the main reason behind the company's poor business results, which recorded a EUR 29mn loss in 2008, is the fact the carrier is "an old-fashioned, outdated company, which was made according to the model of the seventies and eighties of the last century".