Aegean Airlines profits down in 3Q2010, expects loss in 4Q2010

Aegean Airlines revenue down 3% - financial highlights for the three months ended 30-Sep-2010:

• Revenue: EUR198.8 million, -3% year-on-year;
• Costs:
  • Labour: EUR22.8 million, -3.4%;
• Operating profit: EUR4.7 million, -87.7%;
• Profit before tax: EUR31.6 million, +6%;
• Net profit: EUR24.1 million, -1%;
• Passenger numbers: 2.0 million, -8%;
• Load factor: 77.0%, +1.2 ppt;
• Total assets: EUR466.8 million, +1.1% when compared with the period ended 31-Dec-2009;
• Cash and cash equivalents: EUR171.1 million, -17.8% when compared with the period ended 31-Dec-2009;
• Total liabilities: EUR256.7 million, +8.2% when compared with the period ended 31-Dec-2009. [more]

Aegean Airlines: "Our financial performance continues to be adversely affected by the severe recession of the Greek economy. Our investment in strengthening our international network helped our 3rd quarter results, while at the same time supported the Greek tourism industry. Our network and fleet adjustments, our efforts to improve costs and productivity and our investment in new systems have helped to mitigate the severe consequences of the Greek economic crisis. The fourth and seasonally weak quarter is expected to be loss making, leading with certainty to a substantially negative result for the year as a whole. Within this environment, despite the significant challenges faced and the necessary network and cost adjustments that are being implemented, we remain confident that our strategy is sound," Dimitris Gerogiannis, Managing Director. Source: Aegean Airlines, 22-Nov-2010.