As I posted before I was worried about losses going forward. Lets hope the next results balance things out.


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First Half 2016 Financial Results
Monday, 19-09-2016

5% rise in traffic to 5.2m passengers

Weak demand weighs on second quarter results

Kifissia, 19 September 2016

AEGEAN announces first half 2016 results with consolidated revenue at €403.5m, flat versus the respective period in 2015. Total number of passengers carried rose by 5% to 5.2m.

AEGEAN and Olympic Air carried 2.5m passengers on domestic flights while international passenger traffic rose by 10% to 2.7m passengers.

The group reported consolidated net loss after tax at €23.7m compared to net earnings of €14.8m in 2015 during the seasonally weaker first half.

During the first half of year, the group recorded a positive trend in passenger traffic which nevertheless felt short of the capacity invested in the international network, with the shortfall being more pronounced during the second quarter of the year.

In the domestic market, the weak economy, the significant increase in competitors’ capacity as well as the increase in VAT by 11 ppt (from 13% to 23% and then 24%) led to further pressure on net average fares. On the other hand, tourist arrivals in the international market, where the company as well as competitors invested significant additional capacity, grew on low single digit rates in the second quarter of the year. As a result of the imbalance between capacity growth and incoming traffic growth, especially during May and June, load factors and yields declined, mainly in the seasonal regional bases but also in Athens.

https://en.about.aegeanair.com/media...ncial-results/