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Aegean releases positive 1H14 figures

Network expansion and cost synergies with Olympic Air has seen Aegean Airlines (Aegean) report improvements in traffic, profitability and revenue for the first half of 2014 (1H14).

In June the airlines recorded over a million monthly passengers for the first time, and despite the introduction of new destinations Aegean managed to increase its load factor from 74% to 76% compared with the same period in 2013.

“Our expanded operations for 2014 with a fleet of 50 aircraft, 13m of available seats to be offered for the whole year and 17 new international destinations are yielding positive results. Olympic Air synergies are gradually maturing bringing unit cost improvements and increased flows from connectivity,” remarked Aegean’s managing director, Dimitris Gerogiannis.

During 1H14, traffic in the domestic network grew by 19% due to low fares, boosting demand in smaller island destinations as well as the main markets. The consolidated revenue of Aegean and Olympic Air increased by 8% to €388 million, and after-tax earnings for both airlines combined have risen from €6.9 million last year to €16 million.

The first half of 2014 saw Aegean and Olympic Air carry 4.3 million passengers, 16% more than in 2013, with international traffic from the airlines’ 8 aircraft bases increasing 13%. Athens in particular showed an improvement in international traffic as the market appeared to recover for the first time since 2008.

“Our investment in incoming leisure and tourism over the last five years now brings tangible results for Aegean,” concluded Gerogiannis.

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