Aegean Airlines reports 28.3 million euros losses in Q3 2020

Aegean Airlines reported net losses after tax of 28.3 million euros in the third quarter of 2020 after profits of 90.2 million euros in the same period last year.

The partial lifting of travel restrictions across Europe as of July allowed the gradual resumption of international flights.

Nevertheless, several countries remained inaccessible, demand was weak due to the pandemic while the lack of coordination on travel protocols weighed on the restart efforts.

Passenger traffic, 62% lower than last year

During the third quarter of 2020, Aegean operated 49% less flights than in 2019 while passenger traffic was 62% lower than last year.

Load factors fell to 65,7% from 87,7%. Even under these restrictions the company carried 2 mil. passengers in the quarter, flying to 78 international and domestic destinations. 

Revenue during the third quarter stood at €155,1 mil. from €512,5 mil. in 2019.

Overall in the Nine-month period revenue reached €342,5 mil. from €1,031 bn in 2019, while passenger traffic reached 4,4 mil. passengers.

Net losses after tax for the Nine-Month period totaled €187,1 mil. from net earnings of €77,1 mil. in the respective period last year. 

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