Aegean Airlines reveals H1 2019 financial results

Darren Wood
By Darren Wood September 16, 2019 09:57

Aegean Airlines reveals H1 2019 financial results

Aegean Airlines has revealed a consolidated revenue of €519 million (approximately ) in its first-half 2019 financial results, 14% higher compared to 2018.

Its net losses narrowed to €13 million, an improvement from €13.8 million in 2018.

Strong performance during the second quarter, drove the improvement on firsthalf results, the airline has said.

Total traffic in the first half of the year reached 6.5 million passengers, 9% higher than the figure posted in 2018. Passengers carried on domestic flights increased by 4% to 2.8 million. International network traffic which accounts for 76% of consolidated revenue, increased by 12% to 3.7 million. passengers. Load factor improved to 82.2% from 81.7%.

Dimitris Gerogiannis, CEO of Aegean, commented: “We have followed our path of consistent growth by investing additional capacity in our international network. Our effort to extend the tourism season by flying more, earlier than usual, in the months of April-May and increase the utilisation of our fleet contributed to positive results, despite the overall incoming tourism slowdown. Gradually extending the tourism season remains critical for both Greek tourism and Aegean.

“The evolution of the third quarter, which materially determines our annual result based on our current load factors and revenues remains positive, despite the marginal increase in total air traffic arrivals in our country.

“We continue to work at full speed for the induction of our new Airbus A320 neo aircraft in our fleet in 2020.”

Back in March, Aegean successfully issued a seven-year €200 million. common bond loan, with a 3.60% coupon rate.

Darren Wood
By Darren Wood September 16, 2019 09:57