Aegean has announced its first half results for 2018, with consolidated revenue at €456 million, one per cent higher compared to the respective period last year.

Net losses narrowed to €14 million, down from €20 million in 2017.

Total passenger traffic increased by seven per cent to 5.9 million, with the company offering three per cent more capacity in available seat kilometres and four per cent in total available seats.

Passengers carried on domestic flights increased by five per cent to 2.7 million, while passengers travelled on the international network increased by eight per cent to 3.3 million.

Load factor improved to 81.7 per cent from 79.2 per cent, reflecting commercial initiatives and increased network synergies.

International traffic from Athens International Airport grew by 13 per cent, with the Company initiating 11 new international destinations from the Greek capital.

Dimitris Gerogiannis, chief executive of Aegean, commented: “Following a very successful 2017 we managed to further improve our load factors and passenger volumes through our service efforts, conservative focused capacity expansion for a second consecutive year and the optimization of our network despite substantial competitive capacity increases.

“Tourism demand for Greece continues to develop and is supportive but substantially seasonal.

“We have opened 11 new routes that expand our offering and support hub flows through Athens. 

“We continue to develop our product with additional bank loyalty programs, and new booking and selection options.

“Most importantly we are now committed to the A320 neo family which will bring additional efficiency, range and improved service possibilities to our customers.”

He added: “The outlook for the third quarter, which substantially determines full year results, remains positive, despite competitive capacity increases.

“Higher Fuel prices will continue to affect our costs, only partly mitigated by our fuel hedging policy.”