Aegean Airlines increases revenues and narrows losses in first half of 2019

posted on 18th September 2019 by Justin Burns
Aegean Airlines increases revenues and narrows losses in first half of 2019

Greek carrier Aegean Airlines has reported that its consolidated revenue increased by 14 per cent to €519.4 million in the first half of the year compared to the same six months in 2018, as capacity growth boosted performance.

The carrier’s net losses also declined in the period to €13 million from €13.8 million in the same period last year.

Aegean said strong performance during the second quarter, drove the improvement on first half results. The Group offered 12 per cent ASK capacity increase in the second quarter aiming to support the extension of the tourism season.

The increased effort resulted in a 10 per cent overall traffic increase and a 15 per cent increase in international traffic, achieving a rate of growth significantly higher than overall air arrivals to the country.

Total traffic in the first half of the year reached 6.5 million passengers, nine per cent higher than 2018. Passengers carried on domestic flights increased by four per cent to 2.8 million. International network traffic which accounts for 76 per cent of consolidated revenue, increased by 12 per cent to 3.7 million passengers. Load factor improved to 82.2 per cent from 81.7 per cent.

Aegean CEO, Dimitris Gerogiannis said: “We have followed our path of consistent growth by investing additional capacity in our international network.

“Our effort to extend the tourism season by flying more, earlier than usual, in the months of April-May and increase the utilisation of our fleet contributed to positive results, despite the overall incoming tourism slowdown. Gradually extending the tourism season remains critical for both Greek tourism and AEGEAN.

“The evolution of the third quarter, which materially determines our annual result based on our current load factors and revenues remains positive, despite the marginal increase in total air traffic arrivals in our country.

“We continue to work at full speed for the induction of our new Airbus A320 neo aircraft in our fleet in 2020.”