An Aegean Airlines plane. The Greek carrier’s earnings have tumbled. Courtesy Aegean Airlines
An Aegean Airlines plane. The Greek carrier’s earnings have tumbled. Courtesy Aegean Airlines
An Aegean Airlines plane. The Greek carrier’s earnings have tumbled. Courtesy Aegean Airlines
An Aegean Airlines plane. The Greek carrier’s earnings have tumbled. Courtesy Aegean Airlines

Business

Biggest Greek airline’s profits nosedive

Aegean Airlines' earnings for 2016 were hammered by a weak second quarter and a VAT hike although sales were up on the previous year.

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Aegean Airlines full-year 2016 net profit fell 53 percent, hurt by a weak second quarter and an increase in value-added tax, Greece’s largest carrier said on Thursday.

Aegean reported net earnings of €32.2 million (Dh127.6m) last year versus a net profit of €68.4 million in 2015. Sales grew 4 per cent to €1.02 billion.

The airline, a member of Star Alliance, said passenger traffic grew 7 per cent last year to 12.5 million passengers.

The carrier said it will propose a dividend per share of €0.4, down from €0.7 in 2015.

This month Emirates’ inaugural US Boeing 777 flight via Greece touched down at Newark Liberty International Airport, marking the start of daily, year-round passenger services between Dubai, Athens and New Jersey, providing easy access to The Big Apple.

“This new route will connect America’s largest metropolitan area and Dubai through one of Europe’s great capitals,” said Hubert Frach, the Emirates divisional senior vice president for commercial operations West.

* Agencies

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