Aegean Airlines announces €68.4m net earnings after tax for 2015

Aegean Airlines has announced its full year 2015 results with consolidated revenue at €983 million, which is 8% higher when compared with 2014’s figure.

Passenger traffic rose by 15% to 11.6 million passengers, continuing the fast growth for a second consecutive year following the acquisition of Olympic Air.

Pre-tax earnings rose 6% to €100.3 million while net earnings after tax reached €68.4 million, 15% lower compared with 2014 due to higher corporate tax rate as well as an increased deferred taxation effect. EBITDAR reached €217.3 million while EBITDA stood at €111.2 million, resulting to cash and short term financial assets of €238 million at year end.

Traffic in the domestic network increased by 7% to 5.6 million passengers driven by demand stimulation on lower fares and strong connecting traffic. International traffic rose by 24% to 6 million passengers.

Aegean’s managing director Dimitris Gerogiannis commented, “In 2015, despite numerous challenges we implemented significant investments in both network and fleet, growing by 18% in terms of revenue passenger kilometres within a recessionary environment. Just two years following the acquisition of Olympic Air we now carry 40% more passengers on our international network, growing considerably faster than the overall rate of air arrivals to Greece.

“Within the same period we launched new products for families, upgraded our loyalty scheme as well as our digital services. Our service level and competitive fares have allowed us even to grow domestic traffic despite strong additional competitive entries. The success of our overall effort has allowed us to improve our operating and pre-tax financial results for a third consecutive year,” Gerogiannis added.

“In 2016 we will continue to face challenges from competitors as well the significant volatility and socioeconomic problems of our region,” Gerogiannis continued. “However even within this uncertain environment, tourism demand for Greece and particularly our main hub Athens appears resilient, aided by more direct connections offered largely by Aegean but also other operators.”

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