AEGEAN Sees 7% Growth in Passenger Traffic in 1st Quarter 2019

During the first three months of the year, Greek airline company AEGEAN recorded a 7 percent increase in its total passenger traffic and consolidated revenue at 172 million euros, 4 percent higher than Q1 2018.

“Aegean is one of few European airlines which managed to achieve higher revenue during the first quarter of 2019, despite the increased seasonality of the Greek market,” AEGEAN CEO Dimitris Gerogiannis said.

According to the airline’s trading update for Q1 2019, total capacity offered increased by 5 percent while load factor was recorded improved in the quarter reaching 82.3 percent from 81.2 percent in the respective 2018 period.

Passengers carried on domestic flights increased by 4 percent το 1.1 million, while passengers traveling on its international network increased by 9 percent to 1.4 million.

“The Group managed to deliver growth in revenues, passenger traffic and load factors, within the context of the European economic slowdown, however with a drop in average fares,” Gerogiannis said.

Net losses after tax stood at 35.2 million euros from 30.8 million euros in 2018 impacted by higher fuel costs and a downward pressure on fares. According to the company, the result also includes the effect of the application of IFRS 16 which (also) requires USD denominated lease obligation to be revalued causing a negative 5.2 million euros valuation effect.

According to Gerogiannis, for the summer period AEGEAN will continue to pursue its strategy for moderate and steady growth, adding new destinations and investing in the extension of the tourism season. At the same time, the company is preparing for the induction of its new Airbus A320 neo aircraft in its fleet in 2020.

“We remain cautiously optimistic for our progress in the following summer quarters as the trend of our bookings remains positive,” he added.

ΑEGEAN and Olympic Air carried 14 million passengers in 2018. 2019 network covers 151 destinations (31 domestic and 120 international) to 44 countries.