Aegean Airlines (A3) reported a net loss of €27.2 million ($36.3 million) in 2011, 17% down from the €23.3 million deficit in 2010 when results were negatively affected by one-off social contribution tax charges of €8 million.
Revenue rose 13% to €668 million, driven by international network expansion and international traffic growth, which helped offset weak demand in the domestic market. A3’s international network of scheduled and charter routes expanded to 102 routes; passenger numbers on international routes rose 15% to 3.5 million, but passengers carried on domestic routes fell 6% to 3 million. Total passenger numbers rose 4% to 6.5 million.
MD Dimitris Gerogiannis said that “cost containment efforts through the fleet homogeneity and productivity gains comma were not enough to offset the consequences of the crisis and the effect of oil prices that rose by 39%. In addition, international expansion yielded commercial benefits but had a short-term burden on financial results, as is the case for any new investment.”
He warned that the environment continues to be weak with a further drop in demand in the first quarter of the year.
“Within this deteriorating environment, our efforts concentrate on cost cutting initiatives, the improvement of our competitiveness through the offering of attractive fares and the continuous adjustment of our network depending on market conditions, our strategy and any opportunities that arise,” he said.
Article Source : ATW Daily News
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