Net loss of flag carrier Montenegro Airlines expands over 5 times in 2009.

By bne IntelliNews July 1, 2010
National flag carrier Montenegro Airlines increased its net loss over fivefold y/y to EUR 4mn in 2009, the audited financial results of the company, adopted at the shareholders' meeting, showed. The carrier registered revenues of EUR 60.1mn last year, up by 3% y/y. The shareholders re-elected the company's BoD and CEO Zoran Djurisic. The government controls 99.9% of the carrier's capital. The company is included in the 2010 privatisation list. As recalled, the carrier was transformed into a shareholder company in November 2008 in implementation of the first stage of company's restructuring. The next stage foresees the recapitalisation of the air carrier, originally intended to take place in mid-December 2008. The state is to sell first a 5% stake in Montenegro Airlines, with the obligation for the buyer to perform a capital hike, thus raising its stake to 30%. EBRD, Israeli air carrier El Al and Greek diversified Restis Group have expressed interest in the potential deal.

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