Aegean Airlines reports a 45% increase in net profits for the 9 month period to September 2007

Key highlights: Turnover rose 20% to €370.5m from €307.6m. Pre-tax earnings increased 36% to €41.7m. Net profit for the period increased 45% to €33.4m from €23m. Total passengers welcomed onboard rose by 19% to 4.1 million.

20.11.07

Average passengers per flight improved to 96 from 94. Scheduled services load factor at 70.3%. EBITDAR increased 29% to €73.1m against €56.5m in the previous year. Total cost per available seat kilometer fell by 7%. Yield per passenger Kilometer eased 4%. Balance sheet cash and cash equivalents totaled €166m

Dimitris Gerogiannis, Managing Director, commented:

‘I am pleased to report a positive set of 9-month results, showing net profits of €33.4m, 45% higher compared to the respective 2006 period. These improved results were driven by a consistent strong momentum in passenger traffic growth combined with successful cost efficiency measures.

I am also pleased to report progress on areas that have been set as key priorities on our strategic development plan and these include growing our international network, further strengthening of our relationship with Lufthansa, reinforcing our domestic position and last but not least achieve progress on the cost of distribution front.

Looking forward into 2008, where the major part of our fleet modernization would take place, we are focusing on the improved customer services as well as on further cost efficiencies that the renewal will bring, in an overall challenging cost environment. The oil price, which has repeatedly hit and exceeded record high levels, has become the most immediate challenge for the near future. While partially mitigated by the weak US dollar and the application of fuel surcharges, we believe its effect will be felt in 2008. To this end, among our goals is to accelerate the re-fleeting process – to the degree possible – so as to more rapidly improve the fuel efficiency of our fleet as well as enhance our revenue potential as a result of our improved services.’


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