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Economy

Aegean Airlines Reports Losses in 2020, Hit by the Pandemic

ATHENS — Aegean, a Greek airline company, on Monday reported a 74 pct drop in turnover in the fourth quarter of 2020, with flights dropping 61 pct and passenger traffic off 77 pct because of the second lockdown.

In an announcement, the carrier said that turnover totaled 415.1 million euros in 2020, down from 1.3 billion in 219, while passenger traffic totaled 5.17 million, from 15 million, over the same periods, respectively. In the nine-month period from April to December 2020, turnover and passenger traffic plunged 76 pct while flight capacity fell to 62 pct from 85 pct in 2019. Aegean said that turnover and passenger traffic in the November/December period fell by more than 85 pct.

Pre-tax losses totaled 296.8 million euros in 2020, with after-tax losses at 227.9 million euros, after pre-tax earnings of 106.7 million and after tax earnings of 78.5 million euros in 2019.

The carrier took action to cut cost, management of capital spending and ensuring liquidity to deal with the impact of the pandemic. Cash reserves and equals totaled 478.4 million euros at the end of 2020.

Aegean expects delivery of its fourth A321neo aircraft in May, from an order of 46 aircraft expected to be completed by 2026.

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