Aegean Airlines reports record Q1 core profit as passenger traffic rises

(Reuters) -Greece's largest carrier, Aegean Airlines, reported record first-quarter core profit on Wednesday, boosted by a rise of 8% in passenger traffic.

A member of the Star Alliance airlines group, Aegean reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of 43.8 million euros ($49.56 million) in the first quarter, up from 33.2 million a year ago.

First-quarter revenues surged 14% on the year to stand at 306 million euros.

"The continued recovery in local demand, along with the gradual extension of the tourist season, particularly in Athens and Thessaloniki, enable us to operate with improved intensity over a gradually expanding period," Chief Executive Dimitris Gerogiannis said in a statement.

Tourism is a key economic driver for Greece as it accounts for more than a quarter of its economic output.

Looking ahead, the Greek carrier said it aimed to offer 21.2 million seats in 2025, up 1.5 million from the previous year.

($1=0.8837 euros)

(Reporting by Antonis Pothitos; Editing by Jane Merriman and Clarence Fernandez)