Aegean Airlines Announces Full Year 2013 Results

Greek carrier Aegean Airlines recently reported improved financial performance for 2013. Last year, the company’s revenue increased by 21 percent to 682.7 million euros. Net earnings after tax reached 66.3 million euros, compared to losses of 10.5 million euros in 2012.

Aegean carried 6.8 million passengers in 2013, 12 percent more against the previous year and achieving an increase in load factors to 79 percent from 74 percent. Load factors improved by 10 percentage points over the last two years, being the main contributor to the company’s profitability.

According to the airline, revenue growth and strong profitability were driven largely by the performance of the international network. Aegean grew its international passenger numbers by 14 percent to four million.

The acquisition of Olympic Air was completed in October 2013, following the approval of the European Commission. For the full year of 2013, Olympic Air generated revenue of 167.4 million euros, passengers carried reached two million (1.7 million domestic and 0.3 million international) while net losses after taxes were at 13.9 million euros.

As the acquisition was completed at the end of October, Olympic Air was consolidated in group results only for the last two months of the year. As a result, consolidated group revenue was 699 million euros and net earnings after tax stood at 57.8 million euros.

On a pro-forma basis and taking into account the full year performance of both companies, total revenue was 847 million euros and net earnings after taxes reached 52.5 million euros. Total passengers carried by both companies amounted to 8.8 million.

Aegean has announced that its strategy of expanding both from Athens as well as from other regional airport bases will be continued for 2014.