Aegean Posts High Passenger Traffic but Low Financial Performance in Q1 2017

During the first quarter of the year, passenger traffic rose for Aegean by five percent compared to 2016, reaching 2.1 million passengers, with significantly improved load factors, the airline said on Tuesday. The company operated seven percent less flights compared to the same period in 2016.

Aegean also announced that net losses after tax stood at 35.8 million euros from 21.5 million euros in the respective quarter of 2016.

“Our financial performance was impacted by the timing of Easter as well as the underutilization of our fleet in an overall subdued local demand environment,” Dimitris Gerogiannis, Managing Director of AEGEAN, said.

The airline’s consolidated revenue was at 151.9 million euros, three percent higher compared to 147.9 million euros in the first three months of the previous year.

Traffic in Aegean’s international network increased by 17 percent. On the other hand, domestic traffic was six percent lower, as the airline adjusted its activity to soft demand with lower fares, reduced flights and hence achieving improved load factors.

Cash and financial investments reached 262 million euros at period end 31.03.2017.

“Our commercial performance year to date with improved load factors as well as forward bookings for the summer months — which essentially shape our financial results for the second and third quarter of the year — continue to show an overall improvement compared to last year,” Gerogiannis said.