Aegean Airlines reports positive EBITDA, net loss more than halved in 2012

Aegean Airlines reported (28-Mar-2013) the following financial highlights for 2012:

• Revenue: EUR653.4 million, -2% year-on-year;
• EBITDA: EUR2.9 million;
• Net profit (loss): (EUR10.58 million), compared to a loss of EUR27.2 million in p-c-p;
• Passenger numbers: 6.1 million, -6.2%;
  • Domestic: -12%;
  • International: 3.5 million;
• Load factor: 74%, +5 ppts. [more - original PR]

Aegean Airlines: "Our efforts on improving our efficiency and cost structure are ongoing within an environment of declining domestic demand. In 2012 after a difficult start due to lack of visibility about the course of our country in 1H12, we have managed to limit our losses and defend our revenue relative to 2011. The gradual recovery of incoming leisure traffic as of July, as well as our cost management efforts have contributed to the improvement of our results. We need the economies of scale from the acquisition of Olympic Air, which we can only yield post the pending approval from the European Commission, in order to achieve profitable growth," Dimitris Gerogiannis, managing director. Source: Company statement, 28-Mar-2013.