Aegean announced on Tuesday a trading update for the first quarter of 2017 showing consolidated revenue at 151.9 million euros, 3 pct higher compared to 147.9 million euros in the first quarter of 2016.
Passenger traffic rose by 5 pct compared to 2016, reaching 2.1m passengers, with significantly improved load factors. The company operated 7 pct less flights compared to the respective period in 2016.
Net losses after tax stood at 35.8 million from 21.5 million in the respective quarter of 2016. Fleet underutilization in the winter months along with the move of Easter into the second quarter of the year, weighed on results of the seasonally weakest quarter of the year.
Traffic in the international network increased by 17 pct. On the other hand, domestic traffic was 6 pct lower, as the Company adjusted the activity to soft demand with lower fares, reduced flights and hence achieving improved load factors.
Cash and financial investments reached 262 million euros at period end 31.03.2017.
“We started the year delivering improved load factors and showing efficient capacity management. Our financial performance was impacted by the timing of Easter as well as the underutilization of our fleet in an overall subdued local demand environment. Our commercial performance year to date with improved load factors as well as forward bookings for the summer months – which essentially shape our financial results for the second and third quarter of the year – continue to show an overall improvement compared to last year,” Dimitris Gerogiannis, managing director of Aegean, said.