Blue Air, the largest Romanian airline in terms of number of passengers, announced it broke even in the 12 months ending September 30, when it achieved a EUR 3.4 million net profit (before the costs of restructuring the fleet and operations), compared to EUR 24.4 mln losses in the previous 12-month period.

The operating profit for the financial year 2019 reached EUR 8.9 mln, compared to EUR 19 mln operating losses in the previous 12-month period.

"We are pleased to announce an improved financial performance in 2019: reaching the break-even point, after three years of financial losses due to accelerated operational growth, is an important achievement for Blue Air,” said Blue Air CEO Oana Petrescu.

The company’s total revenues in the 12-month period ended September 2019 were flat year-on-year at EUR 390 million (not including passenger taxes).

Blue Air announced it plans a bond issue next year and the company’s listing on the stock market within three years.

editor@romania-insider.com

(Photo source: Facebook/Blue Air)