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Aegean reports net loss for 2010

Aegean Airlines has announced it results for the full year 2010 showing a revenue decline of 5% to €591million, leaving a net loss after taxes of €23.3 million, including €8 million related to an extraordinary social contribution charge.

In its international network, with the addition of new routes, Aegean carried 3.06 million passengers, achieving 9% year-on-year growth. However, due to weak demand conditions, passengers carried in the domestic network fell by 16% to 3.17 million accompanied by a significant reduction in average fare.

Weak domestic demand conditions, the subsequent significant reduction in average fare and the rise in the price of fuel were the main contributors to the loss.

Aegean’s managing director, Dimitris Gerogiannis, commented, “The challenges of the acute recession of the Greek economy and the significant rise in the price of fuel, will continue to affect the company’s results during the current year. Nevertheless, in line with our long term strategy, we continue to invest in our network development in order to support and also benefit from the expected rebound of tourist traffic flows to our country. Needless to say, our efforts to further improve productivity and competitiveness as well as to develop new programmes and services will be redoubled.”

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