Aegean Airlines announces significant net profit and passenger increase in 2018

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Aegean Airlines announced its net profit is up 13 percent and a six percent increase in passenger traffic from January to September 2018, as Greece’s leading airline also revealed a 5 percent 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.

In a statement, the company said net pre-tax profits rose 14 percent to 115.8 million euros and after-tax earnings rose 13 percent to 80.9 million euros.

In the January-September period, Aegean Airlines and Olympic Air posted a 6 percent increase in passenger traffic from 2017, carrying 10.8 million passengers, of which 4.8 million were domestic and 6 million were international passengers.

Average flight capacity improved to 83.6 percent in 2018 from 82.9 percent in 2017.

In the third quarter of 2018, consolidated revenue was 483.6 million euros, up 9 percent from 2017, while net pre-tax profits totalled 134.1 million euros and after-tax earnings rose to 94.7 million euros, despite a 27 percent increase in fuel costs.

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