AEGEAN Records Profit in First Nine Months of 2015

Photo source: Aegean Airlines

Consolidated revenue of Aegean Airlines for the first nine months of the year reached 792.2 million euros, eight percent higher than 2014, the airline said in an announcement on Thursday. Net profit increased four percent and stood at 81.9 million euros.

The total number of passengers carried during Jan-Sept rose by 17 percent to 9.2 million as the company invested more capacity, increased frequencies and added new destinations.

“During the third and most important quarter as far as demand seasonality is concerned and despite the significant political and economic challenges facing the country, the company managed to increase international traffic by 29 percent, generate 12 percent higher revenue and improve net earnings by seven percent to 67.2 million euros”, AEGEAN said.

According to AEGEAN, the main drivers behind the positive traffic performance were increased tourist flows to the country and particularly to Athens, network efficiencies, gradual routes maturity as well as increased connectivity.

The company managed to boost international traffic to the country’s regional airports, where the overall market in terms of tourist arrivals was flat. More specifically, Aegean’s international traffic in the two main bases in Rhodes and Heraklion grew more than 30 percent.

AEGEAN underlined that economies of scale and the benefit of lower fuel prices led to unit cost improvement despite the stronger dollar, higher air navigation charges as well as higher VAT by 10ppt in Greece (from 13 percent to 23 percent).

In addition, cash and cash equivalent, including short term financial investments, reached 302 million euros by September 30, 2015.