Greek carrier Aegean Airlines reported a 2019 second-quarter net income of €22 million ($25 million), up 30% from €17 million in the year-ago period, as a result of consistent growth and efforts to extend the tourism season.
The airline and its Olympic Air subsidiary saw consolidated revenue rise 20% year-over-year (YOY) to €347.4 million.
Pre-tax earnings rose to €31.5 million, up 29.6% YOY. Fuel costs were up 24% YOY for the quarter.
Aegean Airlines CEO Dimitris Gerogiannis said, “We have followed our path of consistent growth by investing additional capacity in our international network. Our effort to extend the tourism season by flying more, earlier than usual, in the months of April-May and increase the utilization of our fleet contributed to positive results, despite the overall incoming tourism slowdown.”
Aegean and Olympic carried 3.9 million passengers during the quarter, up 10% YOY. International passenger traffic rose 15% to 2.8 million and domestic traffic was up 4% to 1.64 million.
Capacity, measured in ASKs, rose 12% to 5 billion; traffic, measured in RPKs, increased 13% to 4.2 billion. Load factor rose 0.1 point to 82.1%.
For the first half, the Athens-based Star Alliance carrier posted a net loss of €13 million, narrowed from a 1H loss of €13.8 million for the year-ago period.
Gerogiannis said the group managed to deliver strong performance during the second quarter, which drove the improvement on first half results.
Between January and June, ASKs grew 9% YOY to 8.1 billion, while RPKs were up 10% to 6.7 billion. This equated to a load factor of 81.6%, up from 80.9% for the year-ago period; the number of passengers rose 9% to 6.5 million in the first half.
“The evolution of the third quarter, which materially determines our annual result based on our current load factors and revenues remains positive, despite the marginal increase in total air traffic arrivals in our country. We continue to work at full speed for the induction of our new Airbus A320 neo aircraft in our fleet in 2020,” Gerogiannis said.
Aegean and Olympic Air carried 14 million passengers in 2018. The 2019 network covers 151 destinations (31 domestic and 120 international) to 44 countries. The two carriers operate 61 aircraft.
Kurt Hofmann, [email protected]