Aegean Airlines has reported a net loss of €23.7 million for the first half of 2016 compared to a net profit of €14.8 million in the year-ago period. Revenue was flat at €403.5 million, compared to €403.6 million.
The Greek airline and its subsidiary carrier, Olympic Air rose 5%, from 4.96 million to 5.22 million in the six month period. Load factor fell by 2.2 percentage points to 71% due to a fall in international capacity growth. RPKs dropped 10% to 8.2 euro cents.
“For a third consecutive year, we continued with our significant investments in network expansion, now covering 145 destinations and operating a fleet of 61 aircraft versus 52 on average in the first half of 2015,” Aegean MD Dimitris Gerogiannis said. “Weak demand during the second quarter of the year and mainly during May and June, negatively impacted our operating results and profitability, also given our decision to start operating certain seasonal international routes early in the summer season, aiming at improving our fleet utilization.”