AEGEAN announces 9-month 2017 results with consolidated revenue at €896.3m, 9% higher compared to the respective period in 2016 while EBITDA increased to €128m. Pre-tax earnings rose to €101.9m while net earnings grew by 40% to €71.7m.
During the third and strongest quarter of the year, revenue increased to €445.6m, 7% up compared to the respective quarter in 2016. Pre-tax earnings increased to €128.6m while net earnings grew 23% compared to last year at €91.7m. Load factors improved to 87.6% from 83.7%. Efficient network adjustments and successful commercial policies combined with previous years’ investment on international network boosted load factors and revenue per flight, contributing to a significant improvement on operating results with EBITDA rising 22% to €138.5m in the quarter.
Operating cash flow increased to €156.9m from €92.3m in the 9-month period, resulting to cash and financial investments rising to €371m as of 30.09.2017.
During the 9-month period to September 30, 2017, AEGEAN and its subsidiary Olympic Air, carried 10.2m passengers, with 4.6m traveling on the domestic network and 5.6m on the international network. Total passengers traveled from Athens on international routes increased by 14%, with AEGEAN being the largest contributor on growing both traditional as well as new destinations. Aegean’s network adjustments and the maturity of international destinations combined with increased demand for the country led to significantly higher load factors, thus driving passenger growth.
Mr. Dimitris Gerogiannis, Managing Director, commented:
“The strong momentum evident towards the start of the summer season continued throughout the third quarter of the year, resulting to record high load factors as well significantly higher profitability. Through our investments on our main hub in Athens with increased direct connections we have contributed to driving tourist flows for yet another year whilst also improving the efficiency of our network. Our recent distinctions of our services through international highly recognized surveys like skytrax and Conde Nast Traveler provide a significant vote of confidence for the quality of our product and our people as well as our international competitiveness. Our positive performance in the current year reinforces our plans for 2018 which entail the addition of 11 new destinations out of Athens, 18 new routes and 700 thousand additional seats on our network.”