Aegean Airlines has posted third quarter revenues of €333.9 million, an increase of 115% compared with the third quarter of 2020, and a headline profit before taxes of €58.8 million, compared to a €36.9 million loss in 2020.
Aegean notes that the third quarter of 2021 is the first profitable quarter since the start of the pandemic in which the airline recorded headline profitability by offering 76% of its capacity in ASK’s compared with the third quarter of 2019. During this period the company operated with direct international flights from its bases in Athens, Thessaloniki, Heraklion, Rhodes, Chania, Corfu, Mykonos and Larnaca.
In the nine-month period of 2021, which included the effect of the second lockdown that significantly restricted activity for the first half of the year, revenue stood at €486.8 million, 42% higher than the respective period in 2020. The group carried 5 million passengers up from 4.4 million passengers in the nine-month period of 2020 while headline losses before taxes stood at €32.9 million from €237.7 million losses before taxes in the respective period in 2020.
Following Aegean’s completion of the share capital increase of €60 million in June 2021, the company received in July 2021 the approved by EU state aid for the partial compensation of the 2020 losses occurred due to the pandemic. The total non-headline (exceptional) income of €62.7 million was not included in the above headline profit for the three and nine-month period.
Aegean’s cash and cash equivalents stood to €543.5 million as of end September 2021, despite the significant increase in pre-delivery payments to Airbus during the third quarter ($43 million) for the upcoming aircraft deliveries and the repayment of the €92 million loan credit facility. Following the repayment, the total outstanding amount of the issued bonds and loans stood at €344 million at September end, down from €440 million at the end of 2020.
“Our Q3 performance demonstrates that we have effectively managed the gradual recovery in demand to and within our country and the progressive lifting of intra-European travel restrictions,” said Dimitris Gerogiannis, AEGEAN’s CEO. “We have completed the process of strengthening our capital base and accelerated pre-delivery payments to Airbus, necessary for the accelerated delivery of 22 additional new Airbus A320/321neo aircraft within 2022-2023, boosting our competitiveness and improving our ability for new services to our customers. We have also efficiently managed our operating costs. Despite the under-utilization of our fleet where we offered 75% of pre-covid capacity and the adverse effect of load factors which were significantly lower than pre-pandemic levels, we were one of the few listed airlines in Europe which generated a positive headline result in the third quarter.”
He added: “The pandemic and its effects are still with us with its impact expected to be evident particularly during the seasonally weak winter period. However, we believe that demand in 2022 will be stronger as of the second quarter the year, allowing us an improved exploitation of our activity and ongoing fleet investments.”