Jat revises 2009 loss

15 million Euro loss

Jat will end the year with a 15 million Euro loss on its balance sheet, 10 million Euros less than expected. Srdjan Radovanović, the airline’s CEO, said that the annual loss was considerably lower than anticipated. “Jat Airways had a 12 million Euro loss for the first 6 months of the year and it was expected that the annual loss would amount to 25 million Euros", Radovanović said. He said that Jat now needs approximately 20 to 32 million Euros for the necessary maintenance of its aging fleet, including an engine overhaul for its Boeing B737 aircraft. The CEO believes that Serbia’s national carrier will end 2010 with a profit.

Recently, Jat launched a tender to find the company which will offer Jat’s passengers free travel insurance for destinations within the European Union. The tender will be closed on January 4 and passengers should enjoy this aminity from the start of the 2010 summer season.

All national carriers within the former Yugoslavia are expected to post an annual loss. The status of Montenegro Airlines’ finances are unknown.