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Aegean Airlines: Hit new record high

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Hitting new record high, Aegean Airlines 2017 passenger traffic increased 6% y-o-y to 13.22m (2% above BETAe of 12.94m) from 12.46m a year earlier, on the back of 24% growth y-o-y to 3m in fourth-quarter (11% ahead of our 2.7m call). 

This impressive traffic performance reflects enhanced fleet/routing efficiencies and solid pricing strategy, as evident by Aegean’s load factor (RPK/ASK) 5.8pp hike y-o-y to 83.2% in 2017 (vs BETAe of 82.3%).  

International air traffic acted as key growth driver, up 9% y-o-y to 7.31m (2% higher vs BETAe of 7.2m), making up 55.3% of total compared with 54.1% in 2016, while domestic trading grew 3% to 5.9m (3% better-than-expected).

 

Management’s comment underlined the effective fleet utilization, with a strengthened position in the Athens hub as key growth drivers, reiterating that the current year plans include 18 new destinations and the addition of 700k seats.

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