Aegean Airlines reports US$26.3m loss in 1H
Aegean Airlines saw its 2016 first-half results slip into the red, recording a net loss of E23.7m (US$26.3m) compared to a net profit of E14.8m a year ago. Revenue for the period was flat at E403.5m, compared to E403.6m in the year-ago half. First-half passenger numbers for Aegean and subsidiary Olympic Air rose 5%, from 4.96m to 5.22m year-over-year, but load factor dipped from 73.4% a year ago to 71% because of international capacity growth. In the domestic market, the weak Greek economy, plus a significant increase in competitors’ capacity and a jump in VAT from 13% to 24%, led to further pressure on average net fares. Despite the weak result in 1H, cash and cash equivalents reached E299.8m by June 30, up from E236.8m at the end of 2015 on higher pre-sold revenue, indicating an improvement in demand for Q3. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-09-21/star/aegean-airlines-reports-us-26-3m-loss-in-1h
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Aegean Airlines reports US$26.3m loss in 1H
Aegean Airlines saw its 2016 first-half results slip into the red, recording a net loss of E23.7m (US$26.3m) compared to a net profit of E14.8m a year ago. Revenue for the period was flat at E403.5m, compared to E403.6m in the year-ago half. First-half passenger numbers for Aegean and subsidiary Olympic Air rose 5%, from 4.96m to 5.22m year-over-year, but load factor dipped from 73.4% a year ago to 71% because of international capacity growth. In the domestic market, the weak Greek economy, plus a significant increase in competitors’ capacity and a jump in VAT from 13% to 24%, led to further pressure on average net fares. Despite the weak result in 1H, cash and cash equivalents reached E299.8m by June 30, up from E236.8m at the end of 2015 on higher pre-sold revenue, indicating an improvement in demand for Q3. <br/>
