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Aegean Airlines Records Third Quarter Loss

Published on Nov 25 2020 1:02 PM in General Industry tagged: Aegean Airlines

Aegean Airlines Records Third Quarter Loss

Greece's largest carrier, Aegean Airlines, has recorded a €28.3 million loss for the third quarter as passenger traffic fell and aircraft were grounded due to the continuing coronavirus pandemic.

The Greek government said on Monday November 23 that it is considering a €120 million euro cash injection, subject to European Union approval, for the airline, which is seen as vital to Greece's tourism industry.

It was the airline's second straight quarterly loss and overturned a €90.2 million net profit in the third quarter of last year.

Revenue for the carrier, which is a member of the Star Alliance group, came in at €155.1 million in the third quarter, compared to €512.5 million in the same quarter of 2019.

A partial lifting of travel restrictions across Europe as of July allowed the gradual resumption of international flights, although several countries remained inaccessible and demand remained weak due to the pandemic, the airline said.

Aegean operated 49% fewer flights in the third quarter than in the same period of 2019 and passenger traffic fell 62%.

Winter 2020/2021 Season Activity Levels

For the winter 2020/2021 season, "renewed travel restrictions and recently lockdowns across Europe and Greece will limit our activity to levels lower than 20% of the respective 2019 period," the airline said.

News by Reuters, edited by Hospitality Ireland. Click subscribe to sign up for the Hospitality Ireland print edition.

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