Aegean Airlines says turnover surpassed 1.0 billion euros in 2016

Aegean Airlines on Thursday said its consolidated turnover surpassed one billion euros in 2016 for the first time in its history as passenger traffic grew 7.0 pct to 12.5 million reflecting higher numbers in international flights.

The company said its consolidated turnover totaled 1.020 billion euros in 2016, up 4.0 pct from the previous year, while after tax earnings fell 53 pct to 32.2 million euros.

EBITDA was 76.8 million euros, while net after tax profits totaled 32.2 million euros in 2016, from 68.4 million in 2015, hit by a slow first half of the year. Cash reserves amounted to 253.2 million euros at the end of 2016, from 236.8 million a year earlier.

International passenger traffic grew 12 pct to 6.7 million, while domestic traffic rose 2.0 pct to 5.7 million.

Dimitris Gerogiannis, CEO, commenting on the results said Aegean Airlines operated a fleet of 61 aircraft and expanded its network to 145 destinations. The company operated 112,000 flights last year and turnover surpassed the 1.0 billion euros level for the first in the history of Greek aviation. He said that a weak second quarter and an 11 points increase in VAT negatively affected the year’s
results.

Gerogiannis said that early signs for the 2017 peak tourist season were positive with a significant increase in pre-bookings compared with last year.

Aegean Airlines’ board will seek shareholders’ approval to a plan to pay a 0.40 euro per share dividend to shareholders.