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AEGEAN: Improved Load Factors, Narrower Seasonal Losses in H1 2018

Greek carrier AEGEAN, on Friday announced its first half 2018 results with consolidated revenue at 455.7 million euros, 1 percent higher compared to the respective period in 2017, and net losses narrowing to 13.8 million euros from 20 million euros in 2017.

According to an announcement, total passenger traffic increased by 7 percent to 5.9 million passengers, with the company offering 3 percent more capacity in ASKs and 4 percent in total available seats.

Aegean AirlinesPassengers carried on domestic flights increased by 5 percent to 2.7 million while passengers that traveled on the international network increased by 8 percent to 3.3 million.

Load factor improved to 81.7 percent from 79.2 percent, reflecting commercial initiatives and increased network synergies.

“Following a very successful 2017, we managed to further improve our load factors and passenger volumes through our service efforts, conservative focused capacity expansion for a second consecutive year and the optimization of our network despite substantial competitive capacity increases,” said AEGEAN CEO Dimitris Gerogiannis.

During the first six months of the year, international traffic from Athens International Airport grew by 13 percent, with the company initiating 11 new international destinations from Athens.

Operating cash flow strengthened to 163.2 million euros from 127.4 million euros, resulting to cash and cash equivalents of 395.8 million euros on June 30, 2018, a net increase of 58.4 million euros relative to June 2017, even following advances of 33.6 million euros related to the recent purchase agreement with Airbus.

“We continue to develop our product with additional bank loyalty programs, and new booking and selection options. Most importantly we are now committed to the A320 neo family which will bring additional efficiency, range and improved service possibilities to our customers,” Gerogiannis added.

The outlook for the third quarter, which substantially determines full year results, remains positive, despite competitive capacity increases, while higher fuel prices will continue to affect costs, only partly mitigated by the company’s fuel hedging policy, the announcement said.

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