The largest Greek carrier, Aegean Airlines, on Monday reported that is suffered a loss of €228 million in 2020, due to the impact of the COVID-19 pandemic.
“The resurgence of the pandemic and the renewed restrictive measures imposed in Europe and in Greece, heavily impacted the Group’s activity and load factors in the fourth quarter,” the company said.
According to the announcement, during the fourth quarter of 2020, sectors flown were 61% lower than 2019 while passenger traffic was lower by 77% and revenues by 74%.
For the two-month period of November/December, when essential travel restrictions were applied to the domestic market, the traffic decline exceeded 85%.
Revenues reached €415.1 million in 2020, down from €1.3 billion in 219, while passenger traffic totalled 5.17 million, from 15 million, over the same periods, respectively.
Furthermore, for the full year, net losses before taxes totalled €296,8 million while net losses after taxes totalled €227,9 million compared with €106,7 million profit before taxes and €78,5 million after taxes in 2019.
The carrier took action to cut cost, management of capital spending and ensuring liquidity to deal with the impact of the pandemic.
Cash reserves and equals totalled €478.4 million at the end of 2020.
“2020 was certainly the most difficult year in aviation history. From the onset of the crisis we have worked diligently to manage the challenges of this special period. We continue to work to further enhance our resilience and competitiveness but also to develop new services for our passengers to be more effective once restrictions are gradually lifted,” said Aegean Airlines CEO Dimitris Gerogiannis.
Gerogiannis also noted that the first months of 2021 are heavily impacted by restrictions imposed all over Europe during the second lockdown, already in effect for six months.
“We expect gradual but significant recovery in H2 2021 and onwards, provided that the recently improved vaccination rate continues, and the EU digital green passport is implemented successfully no later than the end of June,” he concluded.
Aegean expects delivery of its fourth A321neo aircraft in May, from an order of 46 aircraft expected to be completed by 2026.