Aegean Airlines posts first quarterly profit since pandemic struck

An Aegean Airlines Airbus A320neo parked at Eleftherios Venizelos International Airport in Athens, Greece, May 11, 2020. REUTERS/Alkis Konstantinidis/File Photo

ATHENS, Nov 24 (Reuters) - Greece's largest carrier Aegean Airlines (AGNr.AT) swung to a third-quarter profit as passenger traffic recovered from pandemic travel restrictions and resurgent tourist arrivals.

Aegean said net profit reached 51.3 million euros ($57.67 million) in the three months to Sept. 30, compared with a loss of 28.4 million euros in the same period last year.

Sales rose 115% to 333.9 million euros.

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Chief Executive Dimitris Gerogiannis said that the third quarter was its first profitable quarter since the coronavirus crisis started in early 2020.

"We have adapted the programme flexibly, responding to opportunities from major markets such as Germany, France, Belgium, the Netherlands and Austria," he added.

The airline flew 3.3 million passengers in the quarter, up 70% from the same period last year.

The company's cash reserves at the end of September were unchanged from the end of the previous quarter at 543.5 million euros.

($1 = 0.8896 euros)

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Reporting by Lefteris Papadimas Editing by David Goodman

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