Aegean Airlines has posted a net loss of €35.2 million ($39.6 million) in its first-quarter 2019 financial results, a 14% decline from the €30.8 million loss experienced in the same period last year.
The Greek airline has reported its pre-tax losses stood at €48.7 million, an increase from €42.6 million a year ago. Aegean has blamed fuel cost rises, up 15% for the quarter, and average fares declining as reasons for the increased losses.
Meanwhile, the airline saw its consolidated revenue rise 4% year-over-year to €172 million, as it reported it had carried 2.5 million passengers during the quarter, up 7 % from the same period in 2018.
International passenger traffic rose 9% to 1.4 million and domestic traffic was up 4% to 1.1 million.
Aegean Airlines CEO Dimitris Gerogiannis said. “The group managed to deliver growth in revenues, passenger traffic and load factors, within the context of the European economic slowdown, however with a drop in average fares.
“Aegean is one of few European airlines which managed to achieve higher revenue during the first quarter of 2019, despite the increased seasonality of the Greek market.”