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Aegean reports €33m loss in 1H10 results

Aegean Airlines‘ results for the first half of 2010 showed revenues declining by 3% to €267.4 million, leaving a net loss after taxes of €32.6 million compared with profits of €13.4 million in the first half of the previous year.

The first half of 2010 includes a tax charge of €6.6 million related to the extraordinary social contribution charge.

The total number of passengers traveling with Aegean remained flat at 2.9 million in 1H10. Despite this fact, revenue declined as a result of the significant pressures on average revenue per flight due to the economic crisis, particularly so far as Greek originated traffic was concerned.

“The negative economic environment had a profound impact on our first half financial performance. We proceed with the necessary adjustments on our network and costs, with immediate effect, so as to protect the company during the crisis,“ commented Dimitris Gerogiannis, Aegean’s managing director. “At the same time, our efforts concentrate on fully exploiting and completing our past strategic choices, such as our entry into the Star Alliance and the agreement with Marfin Investment Group/Olympic Air. “

Among the restructuring measures undertaken, the company has already proceeded during the first half of 2010 with the reduction of its fleet by three aircraft. In addition, two Avro RJs were returned in July 2010 while two ATR 72s are scheduled to be returned to their owners in September 2010. As a result of the fleet reduction and given efforts to improve the efficiency of its network within a particularly weak economic environment, the company will exit – with immediate effect – two domestic (Athens–Ioannina, Athens–Kavala) and three international routes (Athens–Tirana, Athens–Belgrade and Athens–Vienna) which are particularly lossmaking.

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