Greek carrier Aegean Airlines reported a net profit of €80.9 million ($94 million) for the first nine months of 2018, up 13% from a €71.7 million net profit in the year-ago period.

Consolidated revenue was up 5% year-over-year (YOY) to €939.3 million. Pre-tax earnings rose 14% YOY to €115.8 million.

Aegean Airlines CEO Dimitris Gerogiannis said the airline further improved profitability in the summer season through developing its Athens hub, as well as adding new products and services for passengers. “Our result was achieved despite the presence of new competitors with significant additional capacity in both domestic and international network as well as the effect of rising oil prices. We have followed a prudent and focused capacity development strategy for a second consecutive year.”

Aegean and its subsidiary Olympic Air carried 10.4 million passengers in the nine-month period, up 6% YOY. ASKs increased 3% to 13.3 billion. Traffic increased 4% to 11.1 billion RPKs.

International passenger traffic rose 7% YOY to 6 million. Domestic traffic was up 5% YOY to 4.8 million. International traffic from Athens, the carrier’s main hub, grew 12%.

The Star Alliance member reported an overall load factor of 83.6%, up from 82.9% in the 2017 nine-month period as a result of efficient revenue and network management.

Gerogiannis said the airline is focused on “developing the right skills sets and infrastructure to ensure the efficient use of our new fleet investment, which is critical for our future capabilities.”  In June 2018, Aegean agreed to order up to 42 Airbus A320neo family aircraft.

Aegean and Olympic Air carried 13.2 million passengers in 2017. The combined airlines’ 2018 network covers 153 destinations (31 domestic and 122 international) to 44 countries.

Kurt Hofmann