Aegean reports a drop in H1 profits

Dino D'Amore
By Dino D'Amore September 3, 2015 19:53

Aegean reports a drop in H1 profits

Aegean Airlines has reported an 8% decline in 2015 first-half net profit to €14.8 million compared to the year-ago period due to the stronger dollar, higher air navigation charges in Greece and lower fares. Revenue rose however by 4% to €403.6 million, with pre-tax profit down 14% to €18.9 million. Earnings before interest, tax, depreciation and amortization (EBITDA) dropped 33% to €19.7 million during the reporting period, even though fuel costs dropped 8.5% year-over-year.

“Despite competitive intensity on our main base for both domestic and international routes, as well as the uncertain and adverse business conditions prevailing in the country, we have managed to deliver healthy financial results, validating our expansion strategy,” maintained Aegean MD Dimitris Gerogiannis.

Aegean flew 15% more passengers to 5 million during the reporting period, with an increased capacity.

Dino D'Amore
By Dino D'Amore September 3, 2015 19:53