On Tuesday, Aegean Airlines reported losses of €28.3 million euros in the third quarter of 2020. The company attributed the losses to restrictions imposed because of the pandemic, after profits of €90.2 million euros in the same period last year.
According to a story via ANA, the Greek airline said that from early July and after a partial lifting of restrictions in Europe, a gradual return of international flights began, but several markets remained inaccessible. The airline says demand was weak and a lack of coordination in travel protocols made things difficult.
Aegean reported having to cut back flights by 49 percent compared with the third quarter of 2019, while passenger traffic was down 62 percent in the same period. Average flight occupancy was 65.7 percent as compared to 87.7 percent in 2019, according to the airline. Some 2.0 million passengers flew Aegean to 78 destinations in Greece and abroad.
Turnover shrank to €155.1 million euros in the July-September period, from 512.5 million last year. Over the last nine-month period, turnover was €342.5 million euros compared to €1.031 billion in 2019. Aegean said passenger traffic totaled 4.4 million. After taxes, the airline says it showed a loss of €187.1 million euros compared to profits of €77.1 million last year.