"Weak domestic demand
conditions, the subsequent significant reduction in average fare and the rise in the price of fuel were the main contributors to the loss," it said on Monday.
conditions, the subsequent significant reduction in average fare and the rise in the price of fuel were the main contributors to the loss," it said on Monday.
Aegean's 2010 revenue fell 5% to 591 million euros.
Managing director Dimitris Gerogiannis said things would continue to be difficult despite an expected rebound in tourist arrivals. The Greek economy was seen contracting 3 percent in 2011 after a 4.5 percent drop last 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 during the current year," Gerogiannis said.
Aegean, which saw international traffic rise 9%, while the number of passengers on its domestic network fell 16 percent, will introduce new international routes this year, including Moscow and Bologna.
Aegean and biggest rival Olympic said earlier this month they would appeal against a European Union ruling that blocked their plan to merge.
EU regulators blocked the proposed merger in January, saying a tie-up would have resulted in higher prices for consumers.
In 2009, Aegean's net earnings fell 22 percent to 23 million euros, already hurt by a deteriorating local economy.
source: REUTERS
