AEGEAN announces financial results for fiscal year 2019, showing a 10% rise in consolidated revenue at €1,308.8 mil. Net earnings after tax increased by 15% at €78.4 mil.
Passenger traffic increased by 7% with AEGEAN and Olympic Air carrying 15 mil. passengers. EBITDA reached at €269.4m while cash and cash equivalents reached €516,9m.
Mr. Dimitris Gerogiannis, CEO of AEGEAN, commented:
“2019 has proven our maturing of operations and the gradual success of our efforts of extending the season. For the first time we managed to achieve a profitable result also in the traditionally weak last quarter of the year. The success of 2019 contributes to a stronger starting base and contributes to reserves in organization and financial condition.
Our entire industry will be challenged by the unprecedented effects of the COVID-19 in Global Aviation and Travel. We believe in the strength of our organization, our excellent staff and our resilience and adoptability in crisis. In this particular instance, policy makers’ actions and policies to mitigate the effects of the crisis will also be crucial.”