Aegean Continues Expansion To German Centers

Aegean Airlines is one of the few airlines in the world today that has been able to cut costs drastically, without cutting service standards, over the past 12 months. As well, the private Greek carrier managed to increase revenue in 2002 by more than 14%, to reach 180 million euros. Not an easy feat.

Theodoros Vasilakis, the airline’s chairman, said the airline continues to increase flights and routes to Germany, its main market, and has further expansion plans on the drawing board. On domestic routes, Aegean now handles 45% of the total market.

Mr. Vasilakis said Aegean executes 90 flights daily on 24 routes. It covers 12 Greek destinations and five European destinations (Germany and Italy) with a fleet of 19 modern aircraft.

Four of Aegean’s jets were used for charter flights between March and October of 2002. These charter flights were responsible for 20% of the company’s 2002 revenue. In total, Aegean carried more than 2.5 million passengers last year. It employs more than 1,300 people.

Aegean, Greece’s biggest private airline, is owned by seven major shareholders who represent the biggest and healthiest business in the country. The airline’s on-time record stands at 85%, compared with an average of 69% for the world’s airlines.