BUSINESS

Aegean swings into the red in H1 2016

TAGS: Business

Aegean Airlines swung to a loss in the first half of 2016 due to weak demand at home and a value-added tax increase, Greece’s largest carrier said on Monday.

The company reported a net loss of 23.7 million euros in the first half of the year, versus a profit of 14.8 million in the same period last year.

Sales were flat, at 403.5 million euros.

Domestic passenger traffic grew 5 percent in the same period, to 5.2 million passengers.

“Weak demand during the second quarter of the year and mainly during May and June, negatively impacted our operating results and profitability,” Aegean’s chief executive Dimitris Gerogiannis said in a statement.

[Reuters]

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