Aegean narrows net losses in Q1 on higher revenue, passenger growth

Aegean Airlines reduced net losses 14% in Q1 reporting a net loss of E30.8m, narrowed from a net loss of E35.8m in the year-ago quarter. Consolidated revenue was up 9% year-over-year (YOY) to E165.4m compared to E151.9m in Q1 2017. According to the company, RASK increased 2% to E5.8c euro cents. Yield declined 3% to E7.2c YOY and CASK also declined 1% to E5.9c. “Outlook for summer demand remains positive, despite the significant increase of competitor capacity,” MD Dimitris Gerogiannis said. “Recent further increases in the fuel price will, however, have an impact on our costs despite our effective hedging policy.” Aegean and its subsidiary Olympic Air carried 2.4m passengers in Q1, up 12% YOY compared to 2.1m the year-ago quarter. International passenger traffic rose 16% YOY to 1.3m. Domestic traffic was up 9% YOY to 1.1m. The carrier reported overall load factors of 81.2%, up 4.4 points YOY. The group operated 3% more flights despite the increased activity during the low season.<br/>