Aegean boosts first-half revenue during busy European summer travel season

Aegean Airlines boosted revenue for the first half of the year as both international and domestic networks delivered higher results during the European summer travel season. The Athens-based carrier said on 11 September that its “prudent and consistent approach in planning ahead” helped it manage through the busy period, even as its had to ground some of its Airbus A320-family fleet due to engine inspections. Revenue rose 7% to E480m ($529m) while profit fell to E43.9m from E51.5m in the same quarter a year ago. For the first half of 2024, revenue rose 10% to E749m, and profit fell to E22.9m from E37.1m in the first half of 2023. “The result in the first half of the year remains particularly strong, despite the increase in the capacity offered by the competition but also the significant operational and regulatory requirements that burden our cost base,” says CE Dimitris Georgiannis. The airline’s capacity as measured in available seat kilometres rose 9% during the second quarter of 2024, and 11% during the first half of the year. But despite the rises, the additional unscheduled inspections of its Pratt & Whitney PW1100G geared turbofan (GTF) engines is weighing on the firm.<br/>