TODAY'S READ
HOSTED BY: https://1airtravel.com
Greece’s Aegean Airlines has said it is interested in acquiring more carriers in Southeastern Europe, among which is Croatia Airlines. Aegean’s Vice President, Eftychios Vassilakis, said this week that on a broader scale, the carrier aims to strengthen its regional role in Southeast Europe through possible new acquisitions. The airline purchased a 51% stake in Romania’s Animawings in October of last year. Aegean Airlines is on track to end 2022 in profit and is operationally expected to see a full recovery from the coronavirus pandemic with a record summer. Aegean Airlines has said it is continuing to look into opportunities of aligning itself closer with Croatia Airlines, which could potentially lead to a strategic partnership between the two Star Alliance members. Just prior to the outbreak of Covid-19, Aegean confirmed it had submitted a non-binding bid for the acquisition of Croatia’s national carrier. The next phase was to include direct talks between the Greek airline and the Croatian government. However, the process was halted in March as the global health emergency hit the aviation and tourism sectors. Last September, the Croatian Prime Minister, Andrej Plenković, noted that negotiations between the two carriers over a strategic partnership agreement would be renewed, although this is yet to occur. Aegean Airlines participated in the previous attempt to privatise Croatia Airlines as well, back in 2015. It entered into the second round of talks with then privatisation advisor International Finance Corporation, however, a change in government in Croatia put an end to the company’s privatisation drive. As an airline registered in the European Union, Aegean can purchase a majority stake in its Croatian counterpart. The two carriers share a similar fleet structure, with both operating Airbus A320-family jets and Dash 8 turboprops. Furthermore, both navigate in similar and competitive seasonal environments. The similarities between the two mostly end there. Aegean has been continuously profitable since 2013 up until the Covid crisis, registering a record 79.5-million-euro profit in 2019. It employed some 2.900 people that year, carried fifteen million passengers and registered an average cabin load factor of 84.8% across a fleet of 64 aircraft at the time. On the other hand, Croatia Airlines registered a loss of over ten million euros in 2019, had 1.000 employees on the books, carried 2.1 million passengers on twelve aircraft with an average annual cabin load factor of 73.6%. Aegean has been exemplified as an airline that makes effective use of tourism growth in its home country, which the Croatian carrier is perceived to be missing. Croatia’s Minister for Sea, Transport and Infrastructure, Oleg Butković, said earlier this month that the country’s national carrier will have to undergo restructuring and a fresh attempt will be made at privatising the airline once the effects of the coronavirus pandemic have subsided. Mr Butković said, “Croatia Airlines had issues even before Covid. Prior to the health emergency, the airline was in the final stages of securing a strategic partner. We had two very serious offers, but the pandemic halted all activities. We expect that with the return to normality, Croatia Airlines’ business will stabilise but not in its entirety. The challenge remains finding a strategic partner. If we fail to succeed, the state will be responsible”.
EX-YU Aviation NewsBy: EX-YU Aviationhttp://www.blogger.com/profile/[email protected]
Title: Aegean reaffirms interest in Croatia Airlines
Sourced From: www.exyuaviation.com/feeds/8363897672696640518/comments/default
Published Date: Sat, 23 Jul 2022 08:00:00 +0000
Did you miss our previous article...
https://1airtravel.com/pass/belgrade-airport-opens-solar-plant
