Greece’s AEGEAN Says Flight Activity Picking Up

Greek airline company AEGEAN said on Tuesday that it had restored 40 percent of its flight activity in July compared to the same month last year before the coronavirus pandemic broke out and was expecting to reach 50 percent in August.

Meanwhile, flight capacity has begun to pick up gradually in June and July, paving the way for August, but is expected to remain significantly lower than usual, the company said.

The data was presented by AEGEAN Managing Director Dimitris Gerogiannis during the airline’s annual general assembly this week.

Gerogiannis referred to the company’s efforts to remain resilient after the coronavirus pandemic, focusing all efforts on remaining above water and flexible in a constantly changing travel landscape.

According to Gerogiannis, by the beginning of August, AEGEAN will directly connect Athens with 73 destinations and with 52 additional destinations from all its bases in Heraklion, Rhodes, Chania (Crete) and Larnaca (Cyprus), operating approximately 1,600 flights per week.

Gerogiannis said that current figures are positive and will help mitigate losses.

AEGEAN CEO Dimitris Gerogiannis.

AEGEAN is re-adapting its network and itineraries in order to meet the changing demands of travelers in times of disruption due to Covid-19.

Adjustment efforts in the last five months have focused on formulating the necessary health procedures for the protection of passengers and crews, as well as on addressing commercial and financial challenges, the company said.

With regard to operations, efforts are underway since May to gradually restore AEGEAN’s network as travel restrictions are being lifted. At the same time, the company has obtained five new Airbus A320neo aircraft, with two more in the pipeline in the coming months, including the first A321neo. The airline still has an open order of 46 aircraft.

Lastly, Q2 2020 (April-June) results impacted by Covid-19 and world lockdowns saw monthly losses of 26-28 million euros.

“Actions for the improvement of the company’s cash guard, the reduction of total costs, and the adjustment of our product and network to the current conditions, continue to gradually produce results…  long-term projections remain particularly difficult as demand is affected by epidemiological developments,” said Gerogiannis.

A Star Alliance company, AEGEAN and its subsidiary Olympic Air handled 15 million passengers in 2019.