Aegean Airlines recorded a net profit of €10.8 million in the second quarter (Q2) of 2022 after reporting losses in the same period last year. The airline reported a loss of €33.9 million in the second quarter of 2021. The lifting of pandemic restrictions coupled with strong passenger traffic led to the airlines’ sales rebounding strongly.
The airline sales showed a boost of 201% to €327.3 million.
Happy about the recovery, Chief Executive Dimitris Gerogiannis, said: “Strong desire to travel after two years of COVID-19-related restrictions contributed to a robust rebound in passenger traffic. Despite the cost of fuel, we returned to profitability from the second quarter, before the always-stronger third quarter. This continued in the summer months as we boosted load factors to 84% in July to August.”
Aegean's performance in the summer months boosts the expected earnings for the year as a whole, he added.
The airline flew 3.3 million passengers in the second quarter of 2022, with its load factor improving to 79.2% from 55.8% in the same period last year.
Aegean's cash reserves at the end of June stood at €602.1 million.