Aegean net losses after tax at €158.8m in the first half of 2020

Aegean total number of flights operated fell by 82% in the second quarter (with a reduction of 95% and 92% for the months of April and May respectively), while passenger traffic fell 92%.

Revenue for the second quarter stood at just €40.4m, 88% down compared to the second quarter of 2019, i.e. a decline in revenue of €307m.

Pre-tax losses (excluding extraordinary) stood at €58.7m against pretax profit of €31.5m in the respective 2019 period. 

As a result, overall first half 2020 revenue fell by 64% to €187.4m while underlying pre-tax losses stood at €132.3m.

The results were burdened by extraordinary losses of €68.5m from ineffective hedging, mainly due to the large portion of fuel hedging contracts for the duration of 2020 being rendered ineffective by the significant reduction in flight activity.

Net losses after tax stood at €158.8m in the first half compared to losses of €13m in the respective period last year.

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