Aegean Airlines narrows net losses in first half of 2018

posted on 5th September 2018 by Justin Burns
Aegean Airlines narrows net losses in first half of 2018

Greek carrier Aegean Airlines has reported that net losses narrowed to €13.8 million in the first half of the 2017 financial year from the €20 million in the same period in 2017.

Consolidated revenue reached €455.7 million, one per cent higher compared to the respective period last year when it was €450.7 million.

Total passenger traffic increased by seven per cent to 5.9 million passengers, with the company offering three per cent more capacity in ASKs and four per cent in total available seats.

Passengers carried on domestic flights increased by five per cent to 2.7 million while those travelling on the international network increased by eight per cent to 3.3 million.

Load factor improved to 81.7 per cent from 79.2 per cent, reflecting commercial initiatives and increased network synergies
International traffic from Athens International Airport grew by 13 per cent, with the airline initiating 11 new international destinations from Athens.

Aegean Airlines chief executive officer, Dimitris Gerogiannis said:Following a very successful 2017 we managed to further improve our load factors and passenger volumes through our service efforts, conservative focused capacity expansion for a second consecutive year and the optimisation of our network despite substantial competitive capacity increases. Tourism demand for Greece continues to develop and is supportive but substantially seasonal.

“We have opened 11 new routes that expand our offering and support hub flows through Athens.  We continue to develop our product with additional bank loyalty programs, and new booking and selection options.

“Most importantly we are now committed to the A320 neo family which will bring additional efficiency, range and improved service possibilities to our customers.

“The outlook for the third quarter, which substantially determines full year results, remains positive, despite competitive capacity increases. Higher Fuel prices will continue to affect our costs, only partly mitigated by our fuel hedging policy.”