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Aegean Sees 40% Net Earnings Growth in Jan-Sep

During the first nine months of the year, Greek airline Aegean saw consolidated revenue at 896.3 million euros, nine percent higher compared to the respective period in 2016 while EBITDA increased to 128 million euros. According to the airline’s nine-month 2017 results, pre-tax earnings rose to 101.9 million euros while net earnings grew by 40 percent to 71.7 million euros.

During the third and strongest quarter of the year, revenue increased to 445.6 million euros, seven percent up compared to the respective quarter in 2016. Pre-tax earnings increased to 128.6 million while net earnings grew 23 percent compared to last year at 91.7 million euros. Load factors improved to 87.6 percent from 83.7 percent.

“Efficient network adjustments and successful commercial policies combined with previous years’ investment on international network boosted load factors and revenue per flight, contributing to a significant improvement on operating results with EBITDA rising 22 percent to 138.5 million euros in the quarter,” the airline said in an announcement.

Moreover, Aegean informed that operating cash flow increased to 156.9 million euros from 92.3 million euros in the nine-month period, resulting to cash and financial investments rising to 371 million euros as of September 30.

10.2 million passengers carried in Jan-Sep 2017

During the nine-month period to September 30, Aegean and its subsidiary Olympic Air, carried 10.2 million passengers, with 4.6 million traveling on the domestic network and 5.6 million on the international network.

According to the airline, total passengers traveling from Athens on international routes increased by 14 percent, with Aegean being the largest contributor on growing both traditional as well as new destinations. “Aegean’s network adjustments and the maturity of international destinations combined with increased demand for the country led to significantly higher load factors, thus driving passenger growth,” the company said.

Aegean’s 2017 network covers 143 destinations (31 domestic and 112 international) to 40 countries.

“Our positive performance in the current year reinforces our plans for 2018 which entail the addition of 11 new destinations out of Athens, 18 new routes and 700 thousand additional seats on our network,” Aegean Managing Director Dimitris Gerogiannis said.

Aegean is currently awaiting the results of the tender between the two leading Airbus and Boeing aircraft manufacturers to order 45-60 aircraft — an order of $2.5-3 billion euros — that will complement and replace the company’s current 46 Airbus A320, which will rise to 48 next year.

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