Greece’s Aegean Airlines has reported a net loss of 23 million euros in 2010 and is expected to keep losing money in 2011. The loss was caused by poor economic conditions, increasing fuel prices and international expansions, said Aegean Airlines’ management.
Proton Research said that the airline should be stable during the year through domestic demand. The airline – which has an operational fleet of 26 aircraft – announced that they will launch flights from Cyprus to London Heathrow.
The European Commission blocked a planned merger with Olympic Air so the airlines could survive the economic downturn. Both airlines said this month that they will appeal this decision.
Source: Kathimerini