Aegean losses reveal affect of Covid-19 on aviation sector | Information

Aegean has seen income hunch 88 per cent within the second quarter, highlighting the stark affect of the coronavirus pandemic on the aviation sector.

Consolidated income for the second quarter stood at simply €40 million, down €307 million from the identical interval final 12 months.

Pre-tax losses (excluding extraordinary losses) stood at €59 million, in opposition to a pre-tax revenue of €32 million within the respective 2019 interval.

The whole variety of flights operated by the Greek airline fell by 82 per cent within the quarter (with a discount of 95 and 92 per cent for the months of April and Might respectively), whereas passenger visitors fell 92 per cent.

On account of the second quarter losses, general first half 2020 consolidated income fell by 64 per cent to €187 million, whereas underlying pre-tax losses stood at €132 million.

Dimitris Gerogiannis, chief government of Aegean, commented: “The final seven months have been a relentless strife for flexibility, resilience and efforts to develop our viability ahead in what’s actually essentially the most troublesome interval the worldwide airline business has ever confronted.

“On account of journey restrictions the second quarter of the 12 months was a interval with basically zero exercise.

“Our efforts had been primarily directed in the direction of value administration in addition to establishing and implementing strict protocols for the protection of our passengers and crews.”

He added: “By finish of June with the passing of the primary wave of the pandemic and the partial lifting of journey restrictions, we made a major effort to rebuild our exercise, ultimately protecting 84 locations from Athens and 52 from our regional bases, supporting Greek tourism.

“Nonetheless, a number of markets, exterior and inside the EU remained inaccessible whereas demand for journey even from accessible nations was weak, regardless of Greece’s sturdy relative attractiveness and efficiency.”

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