Greek carrier Aegean Airlines has reported a full-year net loss of €23.3 million ($32.6 million) for 2010.
Revenue at the carrier dropped 5% to €591 million.
The airline says that weak demand led domestic passenger numbers to plummet 16% which, combined with the increase in fuel prices, contributed to its losses.
Aegean says it plans further productivity improvements this year.
"The challenges of the acute recession of the Greek economy and the significant rise in the price of fuel will continue to affect the company's results in the coming year," says Aegean managing director Dimitris Gerogiannis.