ECONOMY

Aegean Airlines posts even bigger loss in 2011

Aegean Airlines SA posted a wider loss in 2011 from a year earlier amid higher fuel costs and continued weak demand for travel from Greek customers.

The loss widened to 27.2 million euros from 23.3 million in 2010, according to a statement yesterday.

Sales rose 13 percent to 668 million euros.

Fuel costs increased 51 percent to 184 million euros.

International passenger traffic rose 15 percent in 2011 to 3.5 million passengers as the company expanded outside Greece.

Domestic passengers declined 6 percent as Greeks cut back travel.

The carrier invested in additional slots in London and Paris and has 166.8 million euros in cash and cash equivalents.

The financial environment in the first quarter of 2012 ?continues to be weak with a further drop in demand,? Aegean said in the statement.

[Bloomberg]