Aegean Airlines

Aegean’s 3Q2011 results impacted by 40% fuel expense increase

Greece’s largest passenger carrier, Aegean Airlines, has continued to improve despite the economic crisis in Greece and other European countries, and has recorded a significant increase in international passenger traffic in 3Q2011. A rise in operating expenses, namely fuel, has negatively affected the carrier which posted a net loss of in the nine months to September.

Aegean’s expanded international network led revenue gains for the carrier with new destinations and increased frequencies in important markets across Europe. Aegean’s international network now accounts for more than half of the airline’s available seats. Meanwhile there is a weakening domestic market with capacity decreased in the face of reduced consumer demand.

Europe's fringe carriers look for partners to overcome financial crisis; Cyprus Airways latest

Airlines on Europe's southern and eastern periphery are becoming more precariously positioned, but are looking for for partners to help overcome the growing financial crisis. Cyprus Airways is the latest such carrier, and reported a widening in first half losses in the six months to 30-Jun-2011, as lower top-line revenue fell and higher fuel costs squeezed the airline in the period. Cyprus Airways is also turning to implementing a raft of measures aimed at stemming operating losses.

Aegean narrows 1H loss despite difficult conditions

Aegean Airlines, Greece’s largest airline by passenger numbers, narrowed losses in 1H2011 (six months to 30-Jun-2011) despite myriad trading difficulties across Europe and sharp fuel price rises. While economic problems have been much more acute in Greece than elsewhere, Aegean Airlines has turned the business around following cost reductions and a network overhaul, leaving it less exposed to the Greek market.

Athens Airport rides out the economic storm

The Greek economy is the subject of international attention as attempts are made to restore the stability that might prevent ‘contagion’ of the debt crisis and its spreading to Portugal, Ireland, even Spain and Italy, potentially threatening the Euro itself. At the same time, the airport assets of Hochtief, a partial owner of Athens Airport, are up for sale. In the circumstances one might expect that Athens Airport would be seeing a slowdown in traffic, apart from EU and IMF entourages. But what is the true story? CAPA asked Athens Airport’s management to comment.

Air China tops airline Enterprise Value rankings; Delta second; no LCCs in top 10

It would appear China has already reached its aim of creating a world-beating "super carrier" – at least in terms of financial size. Air China is by far the world’s biggest airline, based on a current ranking of listed airlines’ Enterprise Values (EV) assembled by the Centre for Asia Pacific Aviation (CAPA).