Montenegro Airlines (Podgorica) management has decided to lease out extra capacity to third party operators as a means of boosting its dwindling revenue streams. Montenegro Airlines operates one E190, three E195s, and two Fokker 100s. It recently put two of its five Fokker 100s - 4O-AOK (cn 11272) and 4O-AOL (cn 11268) - up for sale.
The local Dnevne Novine newspaper says among the first possible customers will be the Kosova Reisen travel agency which could use an undisclosed number of aircraft on its Pristina, Kosovo, to Zurich flights.
The airline has struggled to turn around its fortunes on the back of a regional economic slowdown exacerbated by floods in Serbia and the crisis in Ukraine. With a consequent decline in demand, Montenegro Airlines registered EUR7.1million in losses for its latest financial year, almost double that of 2013. Its overall cumulative debt is estimated to stand at EUR69million (USD85.836million).
