Greek carrier Aegean Airlines reported first quarter 2014 results with consolidated revenue of 133.9 million euros, and after-tax losses, during the seasonally weakest quarter of the year, of 8.4 million euros. On a pro-forma basis, ie assuming consolidation of Olympic Air in the respective period last year, losses narrowed compared to after-tax losses of 13.2 million euros in the first quarter of 2013 while revenue showed a one percent rise.
It is noted that results are not comparable with reported parent results of 2013 given the fact that the latter set of results did not include Olympic Air as the acquisition was completed in October 2013.
Aegean and Olympic Air carried 1.6 million passengers in the first quarter of 2014, 12 percent more versus the previous year. Domestic network passengers increased by 17 percent to 930 thousand while international network passengers reached 700 thousand, six percent higher versus last year. Load factor improved by 1.8 percentage point to 73 percent.
Operating cash flow improved significantly resulting to an increase in the company’s cash and cash equivalents to 274 million euros from 239 million euros in December 2013.
“Following the acquisition of Olympic Air, the initial benefits from network synergies are already evident and along with our new pricing policy are translated to improved load factors and increased connecting traffic during this seasonally weakest quarter for the year,” said the airline’s managing director, Dimitris Gerogiannis.
According to Aegean, pre-bookings for this summer season as well as the carrier’s traffic results for April 2014 confirm the positive trend.