International routes drive financial performance of Aegean Airlines

posted on 16th March 2018 by Jordan Newton
International routes drive financial performance of Aegean Airlines

Strong performance in international routes boosted Aegean Airlines’ consolidated revenue to €1,127.6 million in 2017.

The carrier released its annual results, which also showed pre-tax earnings reached €85.8 million, 66 per cent higher than 2016, while net earnings after tax increased by 87 per cent at €60.4 million.

Total traffic in 2017 reached 13.2 million passengers, six per cent higher than 2016. International network continued to be the main growth driver, with traffic reaching 7.3 million passengers, nine per cent higher than 2016.

Domestic traffic increased by three per cent to 5.9 million passengers, despite the increased activity of competitors, as connecting flows through Athens to the islands and lower fare offers have stimulated demand.

Higher traffic and improved operating profitability were mainly the result of efficient network management, which have led to higher load factors, as overall flight activity has not increased. The passenger load factor increased to 83.2 per cent from 77.4 per cent, despite the intense seasonality of demand.

Aegean Airlines chief executive officer, Dimitris Gerogiannis said: “Increased awareness and recognition of our service quality across our main source markets, coupled with favourable demand trends for Greece, have let to passenger growth and improved operating profitability in 2017.”

The carrier said 2018 has started well with higher load factors and additional routes maintained in the winter, but fleet utilisation during winter remains low.

It is moving ahead with the launch of 18 new destinations and the addition of 700,000 available seats as well as investing in its product and services.

Aegean’s 2018 network covers 153 destinations (31 domestic and 122 international) to 44 countries.