Aegean reverses nine-month loss

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Aegean Airlines made a pre-tax profit of €74 million ($101 million) for the nine months ending 30 September, reversing a €10.6 million loss in the same period last year.

The Greek carrier's revenues rose 21% to €532.4 million.

Passenger traffic grew 9% to 5.3 million and load factor was up six percentage points at 80%.

The figures do not include the operations of Olympic Air, which Aegean acquired on 23 October, but the "will be included and will burden full year results", says the airline.

Each operation will retain its brand after the merger.

"It is encouraging that our early post-acquisition network initiatives, supported with attractive promotional fares, have resulted in a marginal but positive increase of traffic in several domestic destinations already in November 2013, following four consecutive years of traffic decline," says Dimitris Gerogiannis, managing director of Athens-based Aegean.