Aegean swings from losses to profits in Q2

Aegean swings from losses to profits in Q2

Aegean Air has flown from losses to profits, as in the second quarter it recorded pretax earnings of 23.2 million euros, contributing in the growth of the tourism market and the economy in general. At the same time, it is hoping for the best in its procurement of new aircraft from the world’s biggest constructors.

The favorable Q2 results announced on Tuesday have reduced the carrier’s losses of the first half of the year by 16 percent compared with the same period last year.

In the January-June period Aegean saw a 12 percent year-on-year increase in turnover that reached 450.7 million euros, and a rise in passenger figures by 6 percent to 5.6 million.

In the second quarter alone group revenues amounted to 298.8 million euros, up 17 percent from April-June 2016, without increasing the number of flights. The rise was due to the increase in seat occupancy rates.

Aegean is also expecting the outcome of the rivalry between Boeing and Airbus ahead of an order for 45 to 55 aircraft by Greece’s main carrier. The tender to that effect is going to be completed by end-November when Aegean will have to pick the constructor that offers the best terms.

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