Aegean Airlines net earnings rise 13% and PAX up 6%

posted on 28th November 2018 by Justin Burns
Aegean Airlines net earnings rise 13% and PAX up 6%

Greek carrier Aegean Airlines has revealed in its nine-month results for 2018 that net earnings after tax were up 13 per cent to €80.9 million despite rising fuel prices but boosted by development of its Athens hub.

The airline said consolidated revenue was €939.3 million, five per cent higher than 2017 and during the nine-month period to 30 September, 2018, Aegean and its subsidiary Olympic Air, carried 10.8 million passengers, six per cent more than the previous year, with 4.8 million in domestic and six million in the international network.

Total passengers from/to the Athens hub traveling on international routes increased by 12 per cent. Load factor improved to 83.6 per cent from 82.9 per cent in 2017, which Aegean Airlines said was as a result of efficient revenue and network management.

During the third quarter, revenue increased to €483.6 million, up nine per cent compared to 2017 and net earnings were three per cent higher compared to last year at €94.7 million, despite the significant rise of fuel costs which stood at 27 per cent for the quarter even after the effect of hedging.

Aegean Airlines managing director, Dimitris Gerogiannis said: “We have once again delivered strong profitability in the summer season, through developing our Athens hub but equally through new products and services which add value to our passengers.

“Our result was achieved despite the presence of new competitors with significant additional capacity in both domestic and international network as well as the effect of rising oil prices. We have followed a prudent and focused capacity development strategy for a second consecutive year.

“We focus on developing the right skills sets and infrastructure so as to ensure the efficient use of our new fleet investment which is critical for our future capabilities.”