AEGEAN AIRLINES S.A.
Financial Results for the First Quarter 2009
AEGEAN announces results for the first quarter of 2009, showing a rise in revenue and improved profitability.
Revenue increased 13%, reaching 111.3m. Earnings before interest, tax, depreciation and amortization (EBITDA) improved to euro 2.7m compared to losses of euro 4.9m in the respective period last year. Earnings before tax reached euro 6.4m, compared to losses of euro 5.7m in 2008. Last, net earnings after tax reached euro 4.6m compared to losses of euro 4.4m in the first quarter of 2008.
The main factors attributed to the improved operating profitability during the first quarter are the fall in oil prices, the benefits of the fleet renewal in the areas of maintenance and fuel consumption and last the further rationalization of distribution expenses due to the significant rise in web sales.
Earnings before tax include a euro 4.4m profit from the sale of the participation in three catering companies.
AEGEAN carried 1.2 million passengers in the first quarter of 2009, achieving a 9% y-o-y growth. The Company carried 731.000 passengers on domestic flights, ie. 4% more compared to 2008 while the number of passengers carried on international flights increased by 20% to 427.000 passengers.
Dimitris Gerogiannis, Managing Director, commented:
'During the first quarter of 2009 AEGEAN has further strengthened its market position on both domestic and international routes whilst further improving its operating profitability. Despite the satisfactory set of results, we remain cautious as to the impact of the current economic crisis and the evident decline in demand and yield pressure, especially in international markets, which will inevitably affect our revenue performance for the full year.
Despite the current challenging economic environment, we remain committed to our strategic targets, whilst taking the necessary measures to maintain our healthy financial position. Our recent acceptance by STAR ALLIANCE opens new horizons and ratifies our consistent implementation of our strategy. In the near future our customers will be able to enjoy the network, privileges and loyalty rewards of the largest and most recognized airline alliance in the world, while our traffic flows will be significantly enhanced.'
Revenue increased 13%, reaching 111.3m. Earnings before interest, tax, depreciation and amortization (EBITDA) improved to euro 2.7m compared to losses of euro 4.9m in the respective period last year. Earnings before tax reached euro 6.4m, compared to losses of euro 5.7m in 2008. Last, net earnings after tax reached euro 4.6m compared to losses of euro 4.4m in the first quarter of 2008.
The main factors attributed to the improved operating profitability during the first quarter are the fall in oil prices, the benefits of the fleet renewal in the areas of maintenance and fuel consumption and last the further rationalization of distribution expenses due to the significant rise in web sales.
Earnings before tax include a euro 4.4m profit from the sale of the participation in three catering companies.
AEGEAN carried 1.2 million passengers in the first quarter of 2009, achieving a 9% y-o-y growth. The Company carried 731.000 passengers on domestic flights, ie. 4% more compared to 2008 while the number of passengers carried on international flights increased by 20% to 427.000 passengers.
Dimitris Gerogiannis, Managing Director, commented:
'During the first quarter of 2009 AEGEAN has further strengthened its market position on both domestic and international routes whilst further improving its operating profitability. Despite the satisfactory set of results, we remain cautious as to the impact of the current economic crisis and the evident decline in demand and yield pressure, especially in international markets, which will inevitably affect our revenue performance for the full year.
Despite the current challenging economic environment, we remain committed to our strategic targets, whilst taking the necessary measures to maintain our healthy financial position. Our recent acceptance by STAR ALLIANCE opens new horizons and ratifies our consistent implementation of our strategy. In the near future our customers will be able to enjoy the network, privileges and loyalty rewards of the largest and most recognized airline alliance in the world, while our traffic flows will be significantly enhanced.'