Aegean Airlines widens net loss in 1Q

Greece-based Aegean Airlines reported a 2017 first-quarter net loss of €35.8 million ($38.4 million), widened from a net loss of €21.5 million for the year-ago quarter.

Revenue for the quarter was €151.9 million, up 3% year-over-year (YOY).

Aegean MD Dimitris Gerogiannis said the Star Alliance carrier “started the year delivering improved load factors and showing efficient capacity management. Our financial performance was impacted by the timing of Easter as well as the underutilization of our fleet in an overall subdued local demand environment.”

In April, ATW reported that Aegean and its subsidiary Olympic Air carried 2.1 million passengers in the first quarter, up 5% compared to 2.01 million the year-ago quarter.

“Our commercial performance year to date with improved load factors as well as forward bookings for the summer months—which essentially shape our financial results for the second and third quarter of the year—continue to show an overall improvement compared to last year,” Gerogiannis said.