Aegean Airlines’ 3Q net profit down 4% on higher fuel prices

Aegean Airlines reported a 2019 Q3 net income of E90.2m, down 4% from E94.7m in the year-ago period, as a result of higher fuel costs. The airline and its Olympic Air subsidiary saw consolidated revenue rise 6% year-over-year (YOY) to E512.5m. Pre-tax earnings decreased to E123.7m, down 8% YOY. Fuel costs were up 12% to E97.8m for the quarter. For the first nine months, the Athens-based carrier posted a net profit of E77.1m, down 4.7% from a E80.9m net profit for the year-ago period. Aegean Airlines CEO Dimitris Gerogiannis said the company “managed to improve all our operational figures in the 2019 nine-month period and welcomed more than 12% international passengers on board despite the marginal increase in inbound tourism flows into the country.” He said the group was able to mitigate the increase in the effective fuel unit costs.<br/>