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Aegean Airlines announces record core profit in Q1 as passenger traffic increases

Aegean Airlines reported a record-breaking core profit for the first quarter of this year on Wednesday. This was boosted by an 8% increase in passenger traffic.

Aegean, a member of Star Alliance, reported earnings before interest taxes, depreciation and amortization (EBITDA), of 43.8 millions euros ($49.56) in the first three months, up from 33.22 million a year earlier.

The first-quarter revenue grew by 14% compared to the previous year, reaching 306 million Euros.

In a recent statement, Dimitris Gerogiannis, Chief Executive of Athens and Thessaloniki Tourism, said that "the continued recovery in the local demand along with the gradual expansion of the tourist seasons, especially in Athens, allows us to operate at a higher intensity for a longer period."

Tourism accounts for over a quarter (25%) of Greece's economic output.

The Greek airline said that it would offer 21.2 millions seats by 2025. This is an increase of 1.5 million over the previous year. $1 = 0.8837 euros (Reporting and editing by Jane Merriman, Clarence Fernandez).

(source: Reuters)