ECONOMY

Aegean shrinks loss in second quarter, sales jump

aegean-shrinks-loss-in-second-quarter-sales-jump

Aegean Airlines on Friday posted a smaller second-quarter loss than a year earlier as Greece’s largest carrier saw traffic more than double. 

A net loss of 33.9 million euros for the April-June quarter was less than half the €73.4 million loss it suffered a year earlier.

Sales rose 168% to €108.6 million. 

The Star Alliance airlines group member said flight operations in the quarter remained at just 35% of those seen in the pre-pandemic second quarter of 2019. 

The airline flew 1.2 million passengers on 15,000 flights. Aegean’s cash reserves stood at €545 million at the end of June. 

“With the lifting of restrictions since the end of May, airline activity showed signs of recovery. We had positive cash flow for the first time in 18 months,” CEO Dimitris Gerogiannis said. [Reuters]