Aegean Airlines falls deeper into the red in 1H2012

Aegean Airlines revenue down 9% - financial highlights for six months ended 30-Jun-2012:

• Revenue: EUR269.4 million, -9% year-on-year;
• EBITDAR (loss): (EUR3.6 million), compared to a profit of EUR16.1 million in p-c-p;
• Profit (loss) before tax: (EUR48.0 million), compared to a loss of EUR23.2 million in p-c-p;
• Net profit (loss): (EUR38.5 million), compared to a loss of EUR19.8 million in p-c-p;
• Passenger numbers: 2.7 million, -8%;
  • Domestic: 1.2 million, -14%;
  • International: 1.5 million, -2%;
• Passenger load factor: 69.5%, +4.9 ppts. [more - original PR]

Aegean Airlines: "The weakness in domestic demand was anticipated but not the fall in tourism, especially to Athens, during the traditionally strong months of May-June which weighed on our performance. Tourist arrivals to the rest of the country seem to have normalized after July but Athens weakness is persisted. Despite demand conditions we have achieved substantially improved load factors, albeit with lower fares. While we have consolidated our overall frequencies, our presence in our main markets of Germany, UK, France, Russia, Israel and Belgium has been strengthened," Dimitris Gerogiannis, managing director. Source: Company statement, 29-Aug-2012.