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Aegean Airlines losses widen in 2011, 2012 off to a weak start

29-Mar-2012 1:14 PM

Aegean Airlines reported (28-Mar-2012) a EUR27.2 million net loss in 2011, compared to a net loss of EUR23.3 million in the previous corresponding period, despite a 13% year-on-year increase in revenue to EUR668.2 million in 2011. Details include:

  • Revenue: EUR668.2 million, +13% year-on-year;
  • Costs:
    • Fuel: EUR184 million;
  • EBITDAR: EUR61.8 million, -19%;
  • Profit (loss) before tax: (EUR31.2 million), compared to a loss of EUR18.7 million in p-c-p;
  • Profit (loss) after tax: (EUR27.2 million), compared to a loss of EUR23.3 million in p-c-p;
  • Passenger numbers: 6.5 million, +4%;

Aegean Airlines: “During 2011, cost containment efforts through the fleet homogeneity and productivity gains, were not enough to offset the consequences of the crisis and the effect of oil prices that rose by 39%. In addition, international expansion yielded commercial benefits but had a short-term burden on financial results, as is the case for any new investment. The environment continues to be weak with a further drop in demand in the first quarter of 2012,” Dimitris Gerogiannis, Managing Director. Source: Aegean Airlines, 28-Mar-2012.