AEGEAN Reports 10% Consolidated Revenue Increase in First Nine Months of 2019

AEGEAN on Thursday announced consolidated revenue at 1.031,9 billion euros for the first nine months of the year, 10 percent higher than the respective period in 2018.

According to the company’s nine-month 2019 Trading Update, net earnings after tax reached 77.1 million euros from 80.9 million euros last year.

Total passenger traffic increased by 7 percent to 11.6 million passengers, with the company offering 6 percent more capacity, which totaled to 13.9 million available seats.

AEGEAN and its subsidiary Olympic Air carried 4.9 million passengers on the domestic network, 2 percent more compared to the respective period in 2018. International traffic reached 6.7 million passengers, an increase of 12 percent.

The company reported that its load factor during the first nine months of 2019 further improved to 84.5 percent from 83.6 percent. The Group also operated 5 percent more flights, offering 8 percent more ASK’s (available seat kilometers).

“AEGEAN managed to improve all its operational figures in the 2019 nine-month period and welcomed more than 12 percent international passengers on board despite the marginal increase in inbound tourism flows into the country,” AEGEAN CEO Dimitris Gerogiannis said.

The nine-month 2019 results include a 14 million euros negative impact from the first-time application of IFRS 16 and a 16 million euros negative impact from the effective fuel unit cost increase.

According to the AEGEAN’s nine-month 2019 Trading Update, the company continues to enjoy net cash of 101 million euros following the IFRS 16 application which capitalizes all future lease rental payments for the fleet and the liability from the recent bond issuance. EBITDA stood at 231 million euros for the period.

“We managed to mitigate the increase in the effective fuel unit cost. Moreover, in comparable terms, net of IFRS 16 application, we managed to improve all our financial figures,” Gerogiannis added.

AEGEAN’s CEO said that the company’s effort to extend the tourism season, which contributed overall to tourism development in Greece, yielded positive results in the second quarter and is expected to do so in the fourth quarter as well.

AEGEAN and its subsidiary Olympic Air carried 14 million passengers in 2018. The company’s 2019 network covers 151 destinations (31 domestic and 120 international) to 44 countries.