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Economy

Aegean Airlines Reports Losses in the Third Quarter of 2020

November 24, 2020

ATHENS — Aegean Airlines on Tuesday reported losses of 28.3 million euros in the third quarter of 2020, hit by restrictions imposed because of the pandemic, after profits of 90.2 million euros in the same period last year.

The Greek airline company said that from early July and after a partial lifting of restrictions in Europe, a gradual return of international flights began, but several markets remained inaccessible, demand was weak and a lack of coordination in travel protocols made things difficult. Aegean said its flights were cut back by 49 pct compared with the third quarter of 2019, while passenger traffic was down 62 pct in the same period. Average flight occupancy was 65.7 pct (87.7 pct in 2019), totaling around 2.0 million passengers in 78 destinations in Greece and abroad. Turnover shrank to 155.1 million euros in the July-September period, from 512.5 million last year,

In the nine-month period, turnover was 342.5 million euros from 1.031 billion in 2019 and passenger traffic totaled 4.4 million. Net results, after tax, showed a loss of 187.1 million euros after profits of 77.1 million last year.

Cash reserves totaled 433.3 million euros at the end of September and borrowing was 290 million euros.

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