Aegean reports passenger growth of 13% and net earnings after tax of €5.5 million for the first half of 2008.
The company continued its growth path during the first half and managed to further establish its presence in the majority of the markets operating, amid challenging conditions for the airline sector created by the rise of oil prices to unprecedented levels as well as the slowdown in economic growth in Europe.
More specifically, Aegean carried 2.6 million passengers in the first half of 2008, achieving a 13% y-o-y growth. The Company carried 8% more passengers on domestic flights while the number of passengers carried in the international network increased by 24%. It is highlighted that the largest part of the rise in international traffic was achieved in the Company’s main base, Athens International Airport, where more than 65 companies operate international routes. The average number of passengers per flight improved to 99 from 91 in 2007.
Revenue rose by 26% to €262.7m, resulting from the significant rise achieved in international passenger traffic, the increase in the average capacity per aircraft due to the delivery of new Airbus A320-321, higher load factors due to the gradual maturity of new routes and last the introduction of fuel surcharges. The Company’s profitability was negatively impacted by the 64% rise in fuel costs that reached €66.8m from €40.7m in 2007. Nevertheless, aforementioned actions of reinforcing revenue have resulted to Earnings before tax of €7.7m, 3% lower compared to €8m in 2007 while net earnings after tax were 13% lower at €5.5m from €6.4m in 2007.