Aegean Airlines Reports Higher H1 Results

Αssociated press

FILE - Aegean airlines air hostesses stand after a news conference in Athens, Wednesday, March 28, 2018. (AP Photo/Petros Giannakouris)

Aegean Airlines on Friday announced lower losses and higher turnover in the first half of 2018. In an announcement, Aegean Airlines said consolidated turnover grew 1.0 pct to 455.7 million euros in the January-June peirod, while net result after taxes showed a loss of 13.8 million euros, from a loss of 20 million euros in the same period last year.

The Greek airline said passenger traffic totaled 5.9 million euros in the first six months of 2018, up 7.0 pct. Domestic traffic grew 5.0 pct to 2.7 million passengers, while international traffic rose 8.0 pct to 3.3 million. Average flight occupancy rose to 81.7 pct from 79.2 pct, while international traffic to/from Athens grew 13 pct and the airline added 11 new international destinations in its flight schedule from Athens.

Net operating flows totaled 163.2 million euros in the first half from 127.4 million in 2017, with cash reserves totaling 395.8 million euros, up 58.4 million from June 2017.

Dimitris Gerogiannis, CEO, commenting on the results said that the outlook for the third and most important quarter remained positive despite intensifying competition in the market.