- Joe Breitfeller
AEGEAN Reports First Quarter Net Loss of €46 Million on Revenue Decline of 70 Percent to €44 M
AEGEAN has reported a first quarter net loss after taxes of €44.5 million, compared to a net loss of €85.4 million during Q1 2020. The carrier’s revenues declined year-over-year by 70 percent to €44.3 million and the company ended the quarter with €417.8 million in liquidity.
On Thursday (July 8, 2021), AEGEAN reported their first quarter 2021 financial results. The airline reported a first quarter net loss after taxes of €44.5 million on a year-over-year revenue decline of 70 percent to €44.3 million. At March 31, 2021, AEGEAN had cash and cash equivalents totaling €417.8 million, not including the inflows from a share capital increase of completed last month or the State Aid grant.
In Thursday’s announcement, AEGEAN’s CEO, Mr. Dimitris Gerogiannis, said,
“[The] Group’s flight activity stood at particularly low levels in the first quarter of 2021, due to the second wave of the pandemic and the restrictive measures which have impacted our results. Similar was the course of the second quarter of the year until the beginning of June. However, on a cashflow level, as already guided, due to pre-sold tickets revenue the cashflow has turned positive as of May 2021 onwards. From June 2021, following the partial lifting of the restrictions and the initiation of the touristic season, leisure traffic is showing gradual signs of recovery. However, the course of the pandemic and its containment through the expected accelerated vaccinations pace, will play a vital role in the demand trend and the results during the second half of the year. “For the touristic season of 2021, the Group plans to strengthen its capacity in its regional bases, while also supporting its Athens main hub. During the third quarter we are targeting to restore 75-80% of our capacity while in parallel maintaining the flexibility in this volatile market environment.”
AEGEAN and its subsidiary Olympic Air carried 15 million passengers in 2019 and the airline has been honored ten out of the last eleven years with the Skytrax World Airline Award for ‘Best European Regional Airline.’ AEGEAN expects to receive 45 new Airbus A320neo aircraft by 2026.