ECONOMY

Aegean Airlines flying high, nine-month results show

Aegean Airlines reported a strong set of nine-month 2014 results on Thursday, driven by successful network expansion and Olympic Air synergies.

Consolidated revenues increased by 10 percent to 736 million euros, pre-tax earnings improved to 105.4 million euros from 75.9 million a year earlier while net earnings rose 31 percent to 78.6 million euros from 60 million in 2013.

Aegean and Olympic Air carried 7.9 million passengers in the first nine months of the year, an increase of 14 percent compared to 2013 with load factor at 79 percent.

Traffic in the domestic network increased by 16 percent with the market showing good elasticity to lower fares.

International traffic rose by 12 percent, with traffic out of Athens registering a higher growth rate of 18 percent on the back of Aegean’s network expansion and a strong rebound for the city’s incoming tourism, the carrier announced.