Aegean Airlines says net profits up 13 pct in Jan-Sept

Aegean Airlines announced a 5.0 pct increase in its consolidated turnover to 939.3 million euros in the nine-month period from January to September, compared with the same period last year and said net pre-tax profits rose 14 pct to 115.8 million euros and after-tax earnings rose 13 pct to 80.9 million euros.

In the January-September period, Aegean Airlines and Olympic Air posted a 6.0 pct increase in passenger traffic from 2017, carrying 10.8 million passengers, of which 4.8 million were domestic and 6.0 million were international passengers. Average flight capacity improved to 83.6 pct in 2018 from 82.9 pct in 2017.

In the third quarter of 2018, consolidated revenue was 483.6 million euros, up 9.0 pct from 2017, while net pre-tax profits totaled 134.1 million euros and after-tax earnings rose 3.0 pct to 94.7 million euros, despite a 27 pct increase in fuel costs.

Net operating flows totaled 161.8 million euros in the January-September period, while cash reserves totaled 389.9 million euros.