AEGEAN Airlines posts first quarter net loss of €21.5m

Greek flag carrier AEGEAN Airlines reported key financial and operating results for the first quarter of 2016 with consolidated revenue at €147.9m, 7% higher compared to the first quarter of 2015. Passenger traffic rose by 9% to 2m passengers, with 6% more flights, as the company invested more capacity even in the winter months, continuing to serve new destinations which yield positive results only in the summer. International passenger traffic rose by 12%. Passengers carried on the domestic network rose by 6%, despite the significant increase of competitors’ capacity. Net losses after tax stood at €21.5m compared to losses of €8.3m in 2015. The larger fleet by 11 Airbus aircraft in 2016 since the beginning of 2015, which is underutilized in the winter, the support of new international destinations even in the winter months as well as the decline in the domestic fares, weighed on results of the seasonally weak quarter. Cash and cash equivalent reached €255m at 31.03.2016, €17m higher compared to year end.