Aegean Airlines turnover up 12 pct in H1

Aegean Airlines on Tuesday reported a 12 pct increase in turnover to 450.7 million euros in the first half of 2017 compared with the same period last year and said after tax losses were down to 20 million euros in the same period.

Passenger traffic grew 6.0 pct to 5.6 million passengers. Consolidated revenue totaled 298.8 million euros in the second quarter, up 17 pct from 2016, reflecting an improvement in seat capacity by around nine percentage points to 81 pct. Net pre-tax profits totaled 23.2 million euros and after tax profits totaled 15.8 million euros, from losses of 2.1 pct and 2.2 pct in the same period last year, respectively. Passenger traffic grew 7.0 pct in the April-June period.

Net after tax results showed a loss of 20 million euros in the January-June period, net operating flows grew to 119.5 million euros and cash reserves totaled 337.4 million euros (after dividend payment of 28.5 million).

Dimitris Gerogiannis, CEO, said Aegean Airlines expected a positive performance in the third quarter of the year.