Aegean to expand Larnaka network following record results


Aegean Airlines is expected to expand its network to and from Larnaka International Airport following record 2014 results across the carrier’s entire operations.


Improved 2014 results have been driven mainly by network expansion and Olympic Air synergies. Consolidated revenue increased by seven per cent to €912 million. Passenger traffic rose by 14 per cent to 10.1 million passengers, the highest ever achieved by a Greek airline.


Net earnings rose to €80.2 million from €52.5 million in 2013. Net earnings include the positive one-time effect of €11.7 million in income tax provisions.


The group generated operating cash flow of €112 million, resulting to cash and short-term investments of €218 million at year end, despite significant pre-delivery payments in relation to the new Airbus order.


Traffic in the domestic network increased by 15 per cent driven by demand stimulation on lower fares and strong connecting traffic. International traffic rose by 13 per cent, boosted by performance in Athens where traffic rose by 20 per cent on the back of Aegean’s network expansion.


“For 2015 we plan to take delivery of new aircraft and expand significantly our network mainly out of Athens as well as Larnaka in Cyprus with the addition of new destinations and more frequencies on existing routes,” commented Dimitris Gerogiannis, managing director at Aegean.