Aegean Airlines reports improved results in 1H2014

Aegean Airlines revenue up 8% - financial highlights for six months ended 30-Jun-2014 (1H2013 pro-forma):

• Revenue: EUR388.6 million, +8% year-on-year;
• Costs:
• • Fuel: EUR101.0 million, +5%;
  • Labour: EUR46.4 million, -2%;
• EBITDA: EUR14.7 million, +99%;
• EBIT: EUR23.2 million, +187%;
• Profit before tax: EUR22.0 million, +205%;
• Net profit: EUR16.0 million, +131%;
• Passenger numbers: 4.3 million, +16%;
• • Domestic: 2.3 million, +19%;
  • International: 2.0 million, +13%;
• Load factor: 76.1%, +2.1 ppts;
• Revenue per ASK: EUR 7.5 cents, -2%;
• Yield: EUR 9.9 cents, -5%;
• Cost per ASK (EBITDAR level): EUR 6.1 cents, -5%;
• Cost per ASK excl fuel (EBITDAR level): EUR 4.2 cents, -4%;
• Total assets: EUR677.3 million;
• Cash, cash equivalents and financial assets: EUR356.7 million;
• Total liabilities: EUR514.2 million. [more - original PR]

Aegean Airlines: "Olympic Air synergies are gradually maturing bringing unit cost improvements and increased flows from connectivity. Our investment in incoming leisure and tourism over the last five years, now brings tangible results for Aegean. This is so despite the significant rise in competitive capacity to our market as well as new source market related challenges faced in Russia and Ukraine. We are benefiting from scale economies and network development and we will continue to gradually but consistently pursue this strategy while making new investments in quality and competitiveness as most recently with our decision to take delivery of 7 brand new Airbus A320 aircraft in 2015-2016," Dimitris Gerogiannis, MD. Source: Company statement, 29-Aug-2014.