Aegean Airlines reports € 228 mln loss in 2020

Aegean Airlines reported a € 228 mln financial loss in 2020 as a consequence of flight restrictions related to the Covid-19 pandemic. The Greek airline company said it carried only 5.1 mln passengers in 2020 which was 65% less than in 2019.

Athens, Greece: 12 April 2021

Aegean reported that during the 4th Quarter of 2020:

Sectors flown were 61% lower than 2019
Passenger traffic was lower by 77% than in 2019
Revenues were lower by 74% than in 2019
During November and December, passenger traffic declined by 85%.

Total revenues for 2020 reached € 0.4 bln compared to € 1.3 bln in 2019.

Source: Aegean Airlines

Aegean announced that for the whole year, net losses before taxes reached € 296.8 mln. Net losses after taxes reached € 227.9 mln. This compares to 2019, when net losses before taxes were € 106.7 mln, while net losses after taxes were € 78.5 mln.

When commenting on the results, Dimitris Gerogiannis, the Aegean Airlines CEO, stated that:

“We expect gradual but significant recovery in H2 2021 and onwards, provided that the recently improved vaccination rate continues, and the EU digital green passport is implemented successfully no later than the end of June”.

Navigator Consulting Group provides Investment Advisory and Strategic Management services for companies in Greece, Cyprus and Internationally.

For further information, please contact:

Philip Ammerman

Managing Director

info@navigator-consulting.com

Sources:

AEGEAN Reports €228m Loss in 2020 Due to Covid-19

Greek Travel Pages. 12 April 2021

Economic Turnover in Greece falls by € 41 billion

Navigator Consulting. 17 February 2021

Greek Tourism Revenue falls by 76.5% in 2020

Navigator Consulting. 3 March 2021