Aegean Airlines expands capacity but loss widens in 1Q2016

Aegean Airlines revenue up 7% - financial highlights for three months ended 31-Mar-2016:

• Total revenue: EUR147.9 million, +7% year-on-year;
• Costs: EUR180.0 million, +14.1%;
• • Fuel: EUR29.5 million, -4.2%;
  • Labour: EUR25.9 million, +6.6%;
• EBIT (loss): (EUR27.7 million), compared to a loss of EUR17.5 million in p-c-p;
• Net profit (loss): (EUR21.5 million), compared to a loss of EUR8.3 million in p-c-p;
• Passenger numbers: 2.0 million, +9%;
• • Domestic: 1.1 million, +6%;
  • International: 956,000, +12%;
• Load factor: 69.3%, -1.0 ppt;
• Yield: EUR 8.5 cents, -5%;
• Revenue per ASK: EUR 5.9 cents, -6%;
• Cost per ASK*: EUR 7.0 cents, +3%;
• Cost per ASK excl fuel*: EUR 5.9 cents, +8%;
• Average sector length: 760 km, +5%;
• Total assets: EUR694.3 million;
• Cash and financial investments: EUR254.8 million;
• Total liabilities: EUR503.5 million. [more - original PR]

*At EBT level

Aegean Airlines: "The delivery of our new aircraft is now complete so we start the year with a significantly larger - and younger - fleet and network compared to early 2015. We anticipate collecting on our network and fleet investment in the summer season through increased traffic flows, new services and the efficiency of our new fleet. Winters which are weak in incoming tourism demand do cost more as we grow and as the domestic consumer remains weak due to the economy; this in turn increases our reliance on the quality of the demand of the summer season," Dimitris Gerogiannis, Managing Director. Source: Company statement, 26-May-2016.