![Aegean returns to profitability in Q2 2022](https://www.ot.gr/wp-content/uploads/2021/09/aegean.jpg)
Passenger traffic of AEGEAN airlianes has significantly increased by 171% in the second quarter of 2022, reaching 3,3 mil. passengers from 1,2 mil. in the corresponding quarter of 2021.
Load factors have also improved, at 79,2%, 23 p.p. higher compared with the second quarter of 2021.
AEGEAN has restored its capacity at 86% in the second quarter of 2022, following the easing of Covid-related measures.
The significant increase in flight activity and demand has contributed to a 201% increase in consolidated revenue in the second quarter of 2022, which stood at €327,3 mil. from €108,6 mil. in the second quarter of 2021.
Despite the more than double fuel cost (compared with 2019), the Group reported Profit before taxes of €17,7 mil. and Profit after taxes of €10,8 mil. in the second quarter of 2022 from Losses after taxes of €33,9 mil. in the same period in 2021.
Overall, for the first half of the year, consolidated revenues increased by 193%, with passenger traffic up 187% and available seats 101% compared to the first half of 2021. In the first half of 2022 Losses after taxes amounted to €27,7 mil. from losses of €78,4 mil.
As of 30.06.2022, cash and cash equivalents balance was €602,1[1] mil.
Mr. Dimitris Gerogiannis, AEGEAN’s CEO, commented: “After two challenging years, it is a fact that revitalized demand, especially strong to Greece, supported traffic recovery. AEGEAN, following additional A320neo deliveries, invested by expanding its network from its main hub in Athens, but also from Thessaloniki, Heraklion and Chania, gradually increasing its capacity, flying to 138 destinations by the end of June.We managed to return to profitability in Q2 despite the significant increase in fuel costs well ahead Q3 which is always strongest in contribution of revenue and profitability for the year. This positive trend continued during the summer months, where we offered 98% of our pre-pandemic ASK’s and achieved Load factors of 84% and 3,2 mil. passengers in the two summer months July and August, supporting further our profitability forecast for FY 2022. We certainly still have challenges and uncertainties ahead of us. We continue to invest with a steady pace to improve our product quality and manage our network and fleet efficiently”.
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
![ot.gr](/wp-content/themes/whsk_otgr/common/imgs/fav.ico/favicon-32x32.png)
Latest News
![Gov’t Eyes Return of Power Subsidies Amid Spike in Rates](https://www.ot.gr/wp-content/uploads/2024/07/power-lines-2048x1365-1-600x400.jpg)
Gov’t Eyes Return of Power Subsidies Amid Spike in Rates
According to reports, the government will resume an electricity subsidization program, given that forecasts cite disruptions – i.e. higher rates
![ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock](https://www.ot.gr/wp-content/uploads/2024/07/ot_georg_PROIONTA_money-1-600x352.png)
ELSTAT: 6.3% Increase in Output Price Index for Agriculture and Livestock
The 6.3% rise in May 2024 is largely driven by an 8.8% increase in the crop output group, particularly due to changes in olive oil prices, and a 0.5% increase in the animal output group.
![Balkans Blackout Highlights Climate Threats to Power Grids](https://www.ot.gr/wp-content/uploads/2024/07/blackout-1-600x457.png)
Balkans Blackout Highlights Climate Threats to Power Grids
The surge in electricity demand during the heat wave and the power deficit in Balkan markets have driven up prices in the Greek wholesale electricity market.
![Greece in Top 4 Destinations Favored by European Tourists](https://www.ot.gr/wp-content/uploads/2021/06/ploio-600x400.jpg)
Greece in Top 4 Destinations Favored by European Tourists
Greece was selected by 5.9% of respondents who were asked where they would vacation this year, up from 5.4% in the same survey last year
![Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive](https://www.ot.gr/wp-content/uploads/2024/06/euros-2048x1365-1-600x400.jpg)
Scope Affirms Greece’s BBB- Ratings; Revises Outlook to Positive
The international ratings firm raised Greece to investment grade in early August 2023
![First Seaplane Test Flights to Skopelos, Alonissos, Skyros](https://www.ot.gr/wp-content/uploads/2024/06/hellenic-seaplanes-pilotikes-ptiseis-ydatino-pedio-lavriou-600x450.jpeg)
First Seaplane Test Flights to Skopelos, Alonissos, Skyros
After decades of on-again, off-again efforts to schedule regular seaplane routes to Greece's numerous island and coastal destinations the prospect now appears within sight
![ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y](https://www.ot.gr/wp-content/uploads/2023/08/unnamed-41.jpg)
ELSTAT- Overall Import Price Index for May 2024 up 2.8% y-o-y
The same price index had decreased 20.8% from May 2022 to May 2023
![Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated](https://www.ot.gr/wp-content/uploads/2024/06/ergasia-ergazomenos-600x300.jpg)
Over 7 in 10 Employees Feel Their Contributions Are Not Appreciated
Specifically, the option "Subjective opinions are prioritized over objective data" ranked highest in importance for young employees, with a score of 3.89 out of 4
![OECD: Job Vacancies on the Rise in Greece](https://www.ot.gr/wp-content/uploads/2024/07/ergasiabusinness-768x556-1-1-600x434.jpeg)
OECD: Job Vacancies on the Rise in Greece
By the fourth quarter of 2023, job vacancies per unemployed person had risen by more than 4, with the index reaching 446 units compared to 100 units in late 2019
![OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece](https://www.ot.gr/wp-content/uploads/2024/05/ΟΤΕ-Group_1-600x450.jpg)
OTE Group: FTTH Program Advancing in Semi-Urban and Rural Areas of Greece
This initiative will provide ultra-fast internet speeds of up to 1Gbps to over 350,000 households and businesses in semi-urban and rural areas across the country