Aegean Airlines returns to profit in Q3

Greece’s largest carrier Aegean Airlines swung to a third-quarter profit as passenger traffic recovered from pandemic travel restrictions and resurgent tourist arrivals.

Aegean said net profit reached 51.3 million euros in the three months to September 30, compared with a loss of €28.4 million in the same period last year.

Sales rose 115% to €333.9 million. Chief Executive Dimitris Gerogiannis said that the third quarter was its first profitable quarter since the coronavirus crisis started in early 2020.

“We have adapted the program flexibly, responding to opportunities from major markets such as Germany, France, Belgium, the Netherlands and Austria,” he added.

The airline flew 3.3 million passengers in the quarter, up 70% from the same period last year.

The company’s cash reserves at the end of September were unchanged from the end of the previous quarter at 543.5 million euros. [Reuters]