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,