Aegean Airlines Group revenue up 3% in first nine months of 2016

Aegean Airlines Group revenue up 3% - financial highlights for nine months ended 30-Sep-2016:

• Revenue: EUR819.9 million, +3% year-on-year;
• EBITDA: EUR93.7 million, -22%;
• Profit before tax: EUR73.1 million, -36%;
• Net profit: EUR51.2 million, -38%;
• Passenger numbers: 9.8 million, +6%;
• • Domestic: 4.6 million, +2%;
  • International: 5.3 million, +10%;
• Load factor: 76.6%, -0.7 ppt. [more - original PR]

Aegean Airlines Group: "During the most important quarter of the year, AEGEAN delivered improved load factors and profitability whilst strengthening its position on the main bases. The significant expansion undertaken with 61 aircraft covering a network of 145 destinations as well as the continuously improving recognition of our product and brand awareness on our international network yielded positive results and contributed to improved profitability and strong cashflow for the quarter. However, the improvement in the third quarter could not fully cover the weak demand which we experienced in the second quarter of the year as well as the negative impact from an 11 percentage points increase in Value Added Tax on domestic travel. We remain cautious as for the remainder of the year given our heavier dependence on local demand during the fourth quarter of the year which remains weak given the recessionary environment." Dimitris Gerogiannis, MD. Source: Company statement, 11-Nov-2016.