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Aegean reports 2010 net loss


Aegean Airlines has reported a 5% decline in passenger traffic and revenue in 2010, as the impact of the Greek recession and industrial activity affected the company's 2010 results. Domestic traffic fell 16% and EBITDA was EUR75.8 million, down a fifth from 2009. The carrier reported a net loss of EUR23.3 million.

Aegean Airlines shares were up 3.6% in a mixed day for European airline shares.

Aegean Airlines reported the following preliminary financial/traffic highlights in 2010:

  • Revenue: EUR591.0 million, -5% year-on-year;
  • EBITDAR: EUR75.8 million, -21%;
  • Profit (loss) before tax: (EUR18.7 million), compared with a profit of EUR32.5 million in p-c-p;
  • Profit (loss) after tax: (EUR23.3 million), compared with a profit of EUR23.0 million in p-c-p;
  • Passenger numbers: 6.2 million, -5%;
    • Domestic: 3.2 million, -16%;
    • International: 3.1 million, +9%;
  • Passenger load factor: 68.1%, +2.3 ppts.

Turkish Airlines reported the following traffic highlights for the two months ended Feb-2011:

  • Passenger numbers: 4.2 million, +8.2% year-on-year;
  • Load factor: 66.8%, -2.5 ppts;
  • Flights: 38,353, +10%;
  • Cargo volume: 53,195 tonnes, +17%. 

CEO Temel Kotil stated Turkish Airlines expects sales of USD7.5 billion in 2010, up from USD6.5 billion in 2010.

Selected EAD daily share price movements (% change): 14-Mar-2011

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