AEGEAN announces financial results for fiscal year 2018, showing an 5% rise in consolidated revenue at €1,187.4m. Net earnings after tax increased by 13% at €67.9m
Total traffic reached 14m passengers, 6% higher than 2017, given efficient network management. International traffic reached 7.8m passengers, 7% higher than 2017 while domestic traffic increased by 4% to 6.1m passengers.
Load factor further improved to 83.9% as a result of the company’s efficient management of its fleet, network and fares despite the intense seasonality of demand. Total number of flights increased marginally by 1%.
Operating cashflow reached €86.4m. Cash and financial investments reached €290.2m, after the outflow of €47.9m in pre-delivery payments in relation to the Airbus Α320neo order.
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“In 2018 we have managed to improve our profitability as well as our commercial performance in the international network, despite increased competition as well as cost pressures given the sharp rise in oil prices. The gradual recognition of the quality of our services and our strive for consistent improvement support our positive trends. At the same time, we have committed to significant investments which will allow us to improve our product and cost competitiveness and further develop the skills of our people. In 2019 we are gradually and moderately continue to invest in our network, adding new destinations and offering a total capacity of 17.7m seats.”