Aegean Reports Q3 Profits Above Pre-Pandemic Levels

DALLAS - Greek flag carrier Aegean Airlines (A3) has reported a jump in its third quarter (Q3) revenue and profits, above pre-pandemic levels.

Aegean, a Star Alliance member, said it had recorded a net profit of €20.8m (US$122.8m) in Q3. This compared with €107.2m (US$109.8m) a year earlier. Revenue also jumped 71% to €571.4m (US$585.6m), up 12% in the same quarter of 2019.

The airline said that 'network expansion and fleet growth' helped boost its passenger numbers. Strong demand across Europe during the summer months saw A3 carry 4.6 million passengers.

However, this number was still down from the 5.2 million carried in Q3 2019. Capacity was increased to 97% of pre-pandemic levels. Load factors stood at 84%, up 14% from last year's Q3 period.

"Delivering Strong Profitability"

Dimitris Gerogiannis, Aegean's CEO, said, "We are pleased to have successfully navigated multiple challenges, delivering strong profitability and indeed one of the best set of results for our industry, after two extremely difficult years.

"Efficient management of our network, fares structure, and costs coupled with our people's daily effort to best serve our passengers, contributed to this result. We are confident that through further developing our competitiveness and through our investment in our new fleet and new services, we will continue to create value for our shareholders and our country and also to offer our staff new opportunities for development, despite the geopolitical and economic headwinds which once again seem to be increasing."

Featured Image: A3 received its first A321neo in October 2020. Photo: Robert Dumitrescu/Airways