Olympic Air’s parent, Marfin Investment Group (MIG), announced the closure of former Olympic Airlines on 29-Sep-09 and launch of Olympic Air’s new website (Business Traveller, 29-Sep-09). Olympic Air is scheduled to launch services on 01-Oct-09, with 24 aircraft operating on 20 domestic routes and a network of ten international destinations. The carrier plans to expand its fleet to 32 aircraft by Northern Spring 2010, taking delivery of A319, A320 and Bombardier Dash 8-Q400 aircraft. The carrier’s new frequent flyer programme is Travelair Club.
Olympic Air set to launch services, as Olympic Airlines is shut down
You may also be interested in the following articles...
Aegean Airlines: wider 1Q loss exposes growing seasonality. Ryanair maintains competitive pressure
The Aegean Airlines group suffered another fall in its operating result in 1Q2016, when winter losses widened. As is the case for almost every other European airline, it suffered a fall in unit revenue. However, whereas many others managed to lower unit costs at a faster rate, Aegean's cost efficiency gains were not enough to offset the RASK decline, in spite of lower fuel prices. This adverse RASK versus CASK trend seems to have established itself and Aegean has now had six successive quarters of contraction in its operating margin.
One of Aegean's biggest structural challenges is the high degree of seasonality in its business. The summer quarters, particularly 3Q, are much more significant than the winter to its capacity and traffic and must generate sufficient profits to offset winter losses. Moreover, the extent to which Aegean depends on a strong summer is growing.
By contrast with Aegean, ultra LCC Ryanair, which is the second largest airline in Greece, is now enjoying year-round profitability and margin expansion. Ryanair is matching Aegean's overall rate of growth in Greece and gaining market share in the domestic market. Aegean is unlikely to see an end to downward unit revenue any time soon.