Aegean Sees Higher Consolidated Revenue in 1st Quarter 2016 Results

Aegean on Thursday announced key financial and operating results for the first quarter of 2016 with consolidated revenue at 147.9 million euros, seven percent higher compared to the first quarter of 2015.

In an announcement, the company said that passenger traffic rose by nine percent to two million passengers, with six percent more flights.

International passenger traffic rose by 12 percent. Passengers carried on the domestic network also rose by six percent, despite the significant increase of competitors’ capacity.

Net losses after tax stood at 21.5 million euros compared to losses of 8.3 million euros in 2015.

According to Aegean, the strengthening of its fleet by 11 Airbus aircraft in 2016 (which is underused in the winter) and supporting new international destinations even in the winter months had an impact on results of the seasonally weak quarter.

Cash and cash equivalent reached 255 million euros (including financial investments in corporate bonds, money market funds and equities) by March 31, 17 million euros higher compared to year end.

“The delivery of our new aircraft is now complete so we start the year with a significantly larger — and younger — fleet and network compared to early 2015″, Aegean’s managing director, Dimitris Gerogiannis, said.

“We anticipate collecting on our network and fleet investment in the summer season through increased traffic flows, new services and the efficiency of our new fleet. Winters which are weak in incoming tourism demand do cost more as we grow and as the domestic consumer remains weak due to the economy; this in turn increases our reliance on the quality of the demand of the summer season.”