Aegean Airlines revenue up 3.0 pct in the January-September period

Aegean Airlines on Friday reported a 3.0 pct increase in its consolidated revenue in the January-September period and a 6.0 pct rise in passenger traffic to 9.8 million.

Aegean Airlines and Olympic Air carried a total of 4.5 million passengers in domestic flights in the nine-month period, an increase of 2.0 pct compared with the same period last year, while passenger traffic in international flights totaled 5.3 million, up 10 pct over the same period.

The Group said its third quarter consolidated revenue grew 7.0 pct to 416.3 million euros, while net after tax earnings rose 11 pct to 74.9 million euros. Nine-month revenue totaled 819.9 million euros and after tax earning amounted to 51.2 million euros, partly offsetting the impact of a weak first half.

Cash reserve, including short-term financial investments, totaled 299 million euros.

Commenting on the results, Dimitris Gerogiannis, chief executive of Aegean Airlines said: “the airline managed to improve occupancy and to strengthen its position in its main bases and to achieve higher profits”. Gerogiannis said the management remained cautious over the remaining of the year because the airline largely depended on domestic demand in the last quarter of the year.