AEGEAN completed its first quarter with a strong increase in its Consolidated Turnover to 120.8 million euros as the effects of the Omicron mutation gradually decline, during which 1.5 million passengers traveled on its network.
In particular, as AEGEAN informed, the consolidated turnover amounted to € 120.8 million in 2022 from just € 44.3 million in the corresponding quarter of 2021.
In the first quarter of 2022, the Group offered 2.3 million seats and carried 1.5 million passengers.
The total offered capacity corresponded to 74% of the capacity of the first quarter of 2019, while the average fullness of flights improved to 66.1% from 47.5% in the first quarter of 2021, but remained with the influence of Omicron especially in the first two months of the year, significantly lower than pre-pandemic levels.
In the always seasonally weaker first quarter, Net Losses after taxes amounted to € 38.5 million from € 44.5 million in the first quarter of 2021.
It is important to note that despite the effects of the pandemic and the particularly high fuel costs, the Damages were not greater than in the first quarter of 2019.
Cash, cash equivalents and other financial investments amounted to € 458.8 million.
D. Gerogiannis: We remain coordinated in our investment plan
Commenting on the size of the company, the CEO of AEGEAN, Mr. Dimitris Gerogiannis, stated:
“In the period of the year with the lowest demand, with the Omicron mutation continuing to affect fullness and the price of oil twice from 2019, AEGEAN achieved a reduction of the loss effect in relation to 2021 and respectively in 2019. It is also It is important that since February, mainly due to the pre-sale of tickets for the summer, the cash flows are positive.
For the summer period, the Group continues the gradual restoration of capacity by adding new destinations and increased frequencies of connection to the domestic and foreign network. We remain coordinated in our investment plan with the receipt of another 12 new Airbus 321 / 320neo for 2022, gradually in the coming months.
The summer season shows particularly increased dynamics in the course of pre-bookings but also already significantly increased occupancy that is now approaching pre-pandemic levels.
Our goal is for 2022 to be a year with new services and more options for our passengers but also the first profitable use after the pandemic. “Undoubtedly, in an environment of high uncertainty and high fuel costs due to geopolitical developments, flexibility and adaptability remain priorities.”
Source: Capital
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