Aegean Airlines narrows second-quarter loss
Aegean Airlines has posted a pre-tax loss of E34.8m in Q2 ended 30 June, narrowing from a loss of E88.5m in the year-ago period. Consolidated revenue during the quarter grew 169% to E109m. Net losses came in at E33.9m, down from losses of E73.4m in Q2 2020, the Greek carrier says Friday. In the first-half period, consolidated revenue stood at nearly E153m, 18% lower while net losses after tax stood at E78.4m from a loss of E159m recorded in the first half of 2020. Pre-tax loss was at E91.8m versus a loss of E201m in the year-ago period. Cash and cash equivalents stood at E546m as on 30 June, including the E60m share capital increase completion but not including the EU approved State Aid which was received in early July. The airline carried 1.65m passengers in the first six months, down 33% year-on-year. Load factor stood at 53%, falling 20 percentage points. During the quarter, the group’s activity was at 35% of 2019 activity in available seat-kilometres, being although significantly higher relative to 2020. CE Dimitris Gerogiannis states: “Since late May, following the easing of travel restrictions, air traffic showed signs of significant recovery. We achieved for the first-time positive cash flows for the quarter, after 18 months and got on track for a summer season closer to normal."<br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-09-20/star/aegean-airlines-narrows-second-quarter-loss
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Aegean Airlines narrows second-quarter loss
Aegean Airlines has posted a pre-tax loss of E34.8m in Q2 ended 30 June, narrowing from a loss of E88.5m in the year-ago period. Consolidated revenue during the quarter grew 169% to E109m. Net losses came in at E33.9m, down from losses of E73.4m in Q2 2020, the Greek carrier says Friday. In the first-half period, consolidated revenue stood at nearly E153m, 18% lower while net losses after tax stood at E78.4m from a loss of E159m recorded in the first half of 2020. Pre-tax loss was at E91.8m versus a loss of E201m in the year-ago period. Cash and cash equivalents stood at E546m as on 30 June, including the E60m share capital increase completion but not including the EU approved State Aid which was received in early July. The airline carried 1.65m passengers in the first six months, down 33% year-on-year. Load factor stood at 53%, falling 20 percentage points. During the quarter, the group’s activity was at 35% of 2019 activity in available seat-kilometres, being although significantly higher relative to 2020. CE Dimitris Gerogiannis states: “Since late May, following the easing of travel restrictions, air traffic showed signs of significant recovery. We achieved for the first-time positive cash flows for the quarter, after 18 months and got on track for a summer season closer to normal."<br/>
