Aegean Airlines says profits up 87 pct in 2017

Aegean Airlines on Thursday announced an 87 pct jump in net profits to 60.4 million euros in 2017, with consolidated turnover rising 11 pct to 1.127 billion euros and EBITDA rising 56 pct to 120 millon euros. Net pre-tax earnings jumped 66 pct to 85.8 million euros while after tax earnings soared 87 pct to 60.4 million euros.

The company’s board will seek approval from a general shareholders’ meeting to pay a 0.55 euro per share dividend to shareholders. Passenger traffic totaled 13.2 million passengers, up 6.0 pct from 2016, led by a 9.0pct increase in international traffic (7.3 million), while domestic traffic totaled 5.9 million passengers, up 3.0 pct. Both the increases in passenger and results, despite a stable number of flights, reflected mainly improved network management with average occupancy rate rising 83.2 pct in 2017 from 77.4 pct the previous year.

Net operating flows doubled to 120 million euros from 59.7 million in 2016, while cash reserves amounted to 307.4 million euros.

Aegean Airlines CEO, Dimitris Gerogiannis, commenting on the results said the airline company planned to launch 18 new destinations this year, adding 700,000 more seats and further significantly invest on product and services.