Aegean’s 3Q2011 results impacted by 40% fuel expense increase

Greece's largest passenger carrier, Aegean Airlines, has continued to improve despite the economic crisis in Greece and other European countries, and has recorded a significant increase in international passenger traffic in 3Q2011. A rise in operating expenses, namely fuel, has negatively affected the carrier which posted a net loss of in the nine months to September.

Aegean's expanded international network led revenue gains for the carrier with new destinations and increased frequencies in important markets across Europe. Aegean's international network now accounts for more than half of the airline's available seats. Meanwhile there is a weakening domestic market with capacity decreased in the face of reduced consumer demand.