Aegean 9M profits, growth driven by international network

Aegean Airlines announced that revenue for the nine-month period reached €532.4 mln, 21% higher from the same period last year, with net after-tax earnings at €59.2 mln compared to losses of €8.7 mln in 2012.

“Revenue growth and strong profitability were driven by the performance of the growing international network which was further boosted by favourable demand conditions for incoming leisure during the summer season as well as the maturing of routes entered in previous years,” the company said.
Aegean, a member of the Star Alliance, carried 3.2 mln passengers on international flights during the nine-month period, 15% more than 2012, with the load factor rising to 80%. The airline carried 9% more passengers on international routes from and to Athens while a 22% growth was achieved on international traffic from and to its six other domestic hubs. With domestic passengers remaining flat at last year’s levels of 2.1 mln, total domestic and international passengers increased by 9% to 5.3 mln.
“Our expansion to new markets and the maturing of our brand and presence internationally, combined with the cost initiatives implemented have finally yielded significant profit, albeit following 3 consecutive loss making years,” said Aegean’s Managing Director Dimitris Gerogiannis.
“The results of recently acquired Olympic Air, which will be loss-making for the full 2013 year, are not included on 9-month results as the acquisition was completed on October 23. Olympic Air results will be included and will burden full year results. Nevertheless, we are optimistic as we now have the opportunity through synergies to target and achieve sustainable growth,” he added.