Aegean Airlines Reports Improved Performance in First-quarter 2015 Results

Greek carrier AEGEAN Airlines has reported an improved performance during the first quarter of 2015, compared to last year’s corresponding period, according to the company’s financial results released on Wednesday.

The airline announced consolidated revenue of 138.1 million euros, three percent higher versus 2014 (133.9 million euros), which include both the activities of AEGEAN and Olympic Air.

Net losses after tax stood at 8.3 million euros compared to losses of 8.4 million euros in 2014, as lower fares, more capacity invested in the seasonally weakest period and a stronger dollar, offset the benefit of lower fuel costs and unit cost reduction stemming from economies of scale.

The total number of passengers carried rose by 13 percent to 1.8 million as the company invested more capacity, either by maintaining routes launched in the previous summer season for the winter months or by increasing frequencies on existing routes.

Compared to the same period last year, international passenger traffic rose by 22 percent (851,000 over 687,000 travelers), with Athens base being the main driver with 26 percent growth. Passengers carried on the domestic network rose by 7 percent (995,000 over 930,000).

“We started the year with a significant investment in capacity and network expansion, offering more choices to our customers and consistently supporting Athens hub with 10 new international destinations. Network expansion combined with lower fares led to a 22 percent growth on our international network traffic”, AEGEAN’s managing director, Dimitris Gerogiannis, said.

AEGEAN will begin taking delivery of new aircraft as of June 2015 with planned deliveries until March 2016.