Montenegro Airlines losses in nine months of this year reached €14.9 million. Employees are still to receive their October wages, CEO of the company, Mr Vladimir Ristić, has stated. Mr Ristić warns that the company might not be able to survive without implementation of the Law on Consolidation, which foresees €155 million of state aid.
Mr Ristić said in Morning program that coronavirus pandemic had devastating effects on MA operations.
“We have had 80% revenue tumble in nine months. If any company loses 80% of turnover, it is clear what the situation is like. We are doing our best to respond to the challenge and save resources”, Mr Ristić said.
44 employees less
“We had many employees with fixed term contracts. Under present circumstances, it was not rational to extend these contracts”, Mr Ristić said.
Law on MA Consolidation has been suspended since August.
Either the Law or some other model
“If the implementation of the Law is suspended, if that becomes permanent, and if we are forced to return the funds we have received so far, then it would be impossible for MA to survive”, CEO said.
What will happen to the company is questionable.
“We must look for some other model, as soon as possible, should the Law not be implemented. Montenegro needs MA but MA also needs Montenegro”, Mr Ristić said.
