BUSINESS

Aegean sees turnover shrink 70% in January-March

aegean-sees-turnover-shrink-70-in-january-march

Aegean suffered a 70% annual decline in turnover over the first quarter of the year, its financial data showed on Thursday, amounting to just 44.3 million euros.

Compared with the January-March 2020 period, which was mostly before the outbreak of the pandemic, there was a 78% decline in passenger traffic in Q1 this year, and compared with the first quarter of 2019 the decline came to 82%.

That led to net losses of €44.5 million, but it was a stark improvement from the €85.4 million in losses a year earlier; this is attributed to plan for the containment of operating expenses, as operating losses (EBITDA) eased to €14 million from €34.1 million in 2020.