Ladies and gentlemen, thank you for standing by. I am Janet, your Chorus Call operator. Welcome, and thank you for joining via Gia Airlines conference call to present and discuss the full year 2019 financial results. All participants will be in listen only mode and the conference is being recorded. The presentation will be followed by a question and answer session.
Star and 0 on your telephone. At this time, I would like to turn the conference over to Mr. Estigios Basilakis' chairman. Mr. Basilakis, you may now proceed.
Yes, good afternoon, everybody. Welcome to our annual call. Needless to say, it is a rather strange and difficult period for, the world and in particular for global aviation. However, the focus of the call today is to present to you, in summary, the results of 2019. And then, once I do that, I will say a few words about, the coronavirus crisis and some initial steps that are being taken.
But, what I need to say is I will not be able to take questions about this, today. We will, however, schedule a call in about 3 to 4 weeks from now specifically to discuss, the coronavirus crisis and its effects on our company and our response. When things have become a little bit clear about different issues. So let me start, and we'll take it from there. So, 2019 for a GM, I think, was extremely successful year.
It was a year that we had chosen not to grow in terms of fleet numbers. We, invested ourselves in stretching the season in the beginning and the end of the year, trying to improve on the weakest of the, I would say, parameters of our operation, basically the utilization of our aircraft to combat the extreme seasonality of our, of our market because it is predominantly, of course, a leisure driven, a tourism driven market. And because of that, the beginning and the end of the year are typically very weak. Our weakest quarters are Q1 and Q4. And what I can say for 2019 was that this first significant step we took in the effort to improve our utilization try to build the operation of routes during either March, April, May, or late October, November, has gone very well.
And as a result, we have achieved with the same fleet as the revenue increase of 10% for the company, and a significant improvement also in terms of our EBITDAR and bottom line. Now the reason that I consider this improvement very significant is because, as you may know, the majority of airlines around Europe face a reduction in their, performance in 2019. And at the same time, the effects of IFRS 16 in terms of, burdening the companies with accelerated costs coming from the treatment of the aircraft leases, as well as in our case, for the costs of the bond issue that, we took early on in March of 2000 18, sorry, 2019, which actually these funds were not employed for the majority of the year. These two things together are created a burden for the company, which, beyond which we have to go in order to achieve an improvement in the results. So, I think with the same fleet, in the year that the company And the companies in Europe and average were rather behind in terms of the profitability and in terms of their yields, relatives of the year before to be able to improve load factor, rust, and the bottom line, despite these burdens of IFRS 16 and the cost of the loan, which were not the funds were not yet employed.
Is a very good result. This result was particularly strong in the last quarter of the year Indeed, the last quarter of the year, the increase of revenue was from 245,000,000 2018 to $276,000,000 in 2019. That is well over, well over 10%. It's actually about 14%. And in fact, the last quarter of last year was the 1st quarter in our history that the first Q4 in our history that we did not, report a loss were actually marginally positive.
As a result, we total results for the year is no less than our 9 months results, which is not very typical for our company. So if you want to look at some other, figures, the EBITDAR of the company went from 244,000,002 172,000,000 an increase of 11%. The EBITDA figure, of course, was very increased due to change of IFRS at 2.69, but of course, it's not compatible relative to the year before. The pretax profit, went up by 8.2 percent to 106,700,000 and the net profit for the period was up by 16% from $68,000,000 to $78,500,000. The traffic was increased in overall 7% with the majority of the increase coming from the international network, roughly 11%.
Now this I might add again, is significantly higher than the growth of Greece in terms of overall arrivals from abroad, which stood around about 3.5%. So we achieved an 11% growth in international traffic whereas arrivals, tourism arrivals in the country by air. Stood at around 3.5% to 4% in the overall market. So that was a significant over performance for our company. And we even achieved a marginal improvement in our load factor, which is again significant because I believe this would be the 3rd or 4th year in a row where we achieved some measure of improvement in the load factor.
And given this came up with stretching the reason and actually operating a longer season, this is actually doubly important because one would have expected both wrap and, load factors who have been compromised by, attempt to utilize aircraft at a more effective, with a more effective way. So, all in all, a very successful year for us, a year, which has, left the company with, which ended with a company, accepting its first Neos. It's 1st, a new engine option, a320s. So and actually, we have up till now accepted 4 aircraft, since, December. So going into our, delivery program for aircraft, where I have to say that the majority of the overwhelming majority of aircraft to be delivered in 20202021, In other words, followed by 2 aircraft are direct leases from the source, so not requiring financing for 20 or 21 for these aircraft.
This has already been initiated. And of course, we look forward to using these aircraft so that our cost side, whether it is fuel cost per ASK or number of seats per aircraft is actually improved. Of course, given where we all are today, it's very important to mention that our liquidity at the end of the year stood around about, 500, 5,000,000, actually this number, sorry, mistake has EUR 516,000,000 and our liquidity in fact, around mid March, around, sorry, early March was around 1,000,000 as well. So this liquidity It has been there since the end of the year and it's still there, now. I think I would have to say that the most important element of 2019 right now is the fact that it puts us in a good strong starting position for what is clearly going to be a very difficult period.
The coronavirus crisis is something unprecedented at least in European Aviation, probably in global aviation as well. We are very much We understand we are at the beginning of the crisis, and there are many elements that are unknown to us all. Which is exactly why I am not going to take questions today. I'm just trying to put down a few of the things that we think will protect us or, guide us through the crisis. But clearly, what we can say is the following.
Our 1st 2 months of operation This year, January February were again continuing a positive pace of both load factor improvements additional winter flying and revenue improvements on a per flight basis. This all was the world we were in until 24th February when the outbreak in Italy became visible and understood to the European public. And then from the 24th, 25th February and on, we are gradually living in a different world, where in the last 3 weeks, we have seen, of course, right from the start, a fall in demand, a pretty drastic fall in demand in terms of incoming bookings. And following that, as the virus spread to different countries of Europe and the effects were visible. Gradual government action restricting flights, restricting access of different nationalities from market to market.
Different nations taking different actions outside the EU and even within the EU and leading over to about, now 5 days ago to the elevation of the coronavirus to a pandemic, status by the WHO. The historical discontinuation, I would say, of access or flights between U. S. And Europe that was announced, And then several different, actions taken by stakes, culminating to the decision taken by, the European Commission a couple of days ago that for the next, few weeks, customers from outside the EU would not be, admissible into e into the EU countries. As a result, all these restrictions and the fear of the people in the gradual shutdown of the markets has of course led to a dramatic change in our demand and the load factor of our flights.
Of course, we have taken certain steps to respond. First, I would say the first thing we did was trying to ensure we took all measures and we increase the measures of, hygiene safety for our customers and for our crews. We, therefore, change the, cleaning processes of the aircraft between flights and over the night. And we instituted a very specific disinfecting process In cases, we were notified by authorities that there were suspects, assisted cases aboard our flights. So that was step number 1.
Step number 2 was the gradual reduction of our schedule, which kind of started, I would say, reasonably softly, but as certainly accelerated through time and which will lead actually by today. I say we're applying around about 45 to 50%. Today, we'll be flying around 50% of our regular schedule. But by the end of this week, we will be flying at probably around 20% of our regular scheduling at this level of 20% of low of our regular schedule or below, we intend to remain, for the next few weeks. And it's quite likely that this level will have to be reduced further as the restrictions imposed by EU, and individual countries.
Actually take, effect. So it's very likely actually that we could go up far down at 10% of our operation within the coming, 2 weeks. Now what does this mean? Well, obviously, it seems that our revenue, incoming revenue is dramatically reduced. It also means, however, since about 70%, 70, 72% of our costs, I would say, 73% of our costs are either flight or passenger related, but as of next week, we will have also a very, different cost base, a significantly lower cost base, I mean, a day by day basis.
Our major cost will remain, at, 32 to 34,000,000 a month, which is at our current size of operation, what I would call our fixed costs, which refer to our, overheads, our leases, and our personnel, which are to be incurred even if we do not fly. And I think, the first, measure of comparison for the ability of the company to cope with this crisis is to look at our initial liquidity level, which stands at around 38% of our annual revenue, and compare that with the $32,000,000 to $34,000,000 of fixed costs of our current structure when we do not fly So this is the amount that we, would lose absent any further action and absent any flight for revenue assuming we take a position where our entire fleet is grounded. Now of course, as one reduces schedule and as one finds oneself in this very unique situation of reduced demand that is, very much Pan European and to a certain extent, global. 1 does not say idle on the cost side either or on the cash flow side either. Clearly, the first steps that are taken other than reducing The schedule to a significantly lower base where fractional growth was is to go back to one supplier, where one has built I believe very strong relationships as a successful startup 20 years ago that has gone through 3 crisis and survived and in fact, grew after the crisis.
And more recently, the Greek prices of 2010, 2000, I would say, 2016, 2017, And since we've built, I believe, solid relationships with these suppliers and shown to them that we are a resilient company that knows how to deal with crisis that comes out usually quite strong at the end of them. We believe that it is quite feasible to achieve reasonable arrangements with most of our suppliers, and our long term partners whatever the nature of the cooperation we have in order to facilitate us, through this particular period. So I believe that through these actions, we will be able at least on the cash flow level to achieve an improvement on the burn of cash, even a scenario that we arrive to a complete, no flying period, which would last some, a few months, none of us know. And therefore, this could further alleviate the cost and the effect of, having to attain our base through this crisis. Of course, what happens to cash flow and what happens to costs are not the same thing because one thing is to defer certain obligations and agreements with your suppliers.
And another thing is to actually change the nature of those obligations. So it's not the same topic. At the first stage, we are looking at the cash flow and the liquidity. Having said the word liquidity, we have also had discussions with our local banks and intend to grow some additional standing letters of standing, sorry, standing, lines of credits, secured lines of credits that we can use in case we need, such assistance. Of course, it is not our intention to burn through our entire cash position, which we have now.
And I think that's not very likely to happen in a few months time, given the numbers that I've presenting you. But it's very important to build that additional liquidity barrier and we will do that. Can you can I take a 1 minute break, please? I need to address the call. Forgive me for the break.
So, as I said, we, we have taken action to to discuss with our banks, locally for additional, standing lines for short term credit. And we are positive that we'll be able to complete that very soon. So, between the initial cash position the discussion and efforts with our suppliers to, defer certain obligations to a later stage, which I believe the entire industry will be pretty much doing, which we expect our suppliers to positively respond because of the experience we've had and the quality of cooperation we've had in the past. Then between these two things and the level of our fixed cost base, I think we are quite, quite well positioned to weather a, a few months disruption that will be very unpleasant and very costly, but is in our view survivable, with certitude, if the duration is reasonably short, meaning a few months where our company has the resources to, overcome. At the same time, I think it's very clear that, all around Europe and indeed around the world, governments will be examining policies to address issues in the most affected sectors.
And I believe aviation is a probably the one which is most affected than anything else. Therefore, we would expect that European or local policies developed will also be supportive in either to, reduce costs or in, supporting further liquidity measures. Therefore, I think this is also an important topic where I cannot say much more because it's very early, but this is very clear that the European discussion on this issue is very alive. And, by some parties put forth in a very urgent way, we have the good fortune of having for our size a significant amount of liquidity and a significant amount of flexibility in dealing with our costs. But, this does not mean by any means that we will not also endeavor to to, try to, achieve a absolutely necessary policy shifts in terms of aiding the airline sector.
I think I have given you the best of my knowledge and our understanding of where we are today. I would like to repeat first that the fact that we start off an excellent 2019 and a very good 2 months before the beginning of the crisis patent itself is the most important proof that we are one of the companies that do have a very good I would say strength and endurance to go through the crisis. It will not be easy, but we will be there. And at the same time, I'd like to say that, of course, even fixed costs can be addressed if the crisis lagged last for a longer period of time, we are not the time that company will go first after its employees. We believe that our employees are the strength of our business together with our reputation and our quality of service.
They are the ones bring our quality of service. And it's very important, especially in a country like Greece, which has gone through crisis in the last 10 years that companies do make an additional effort to, protect their most useful and most productive assets and the most loyal assets, which is their employee base. So we will try as much as we can. Not to affect our employee base at least very soon into this crisis. So, ladies and gentlemen, thank you for your attention.
I hope we have shown in the past that we are resilient I believe we'll show it one more time now. And I hope all of you will have, the least amount of problems in your health and business with the current crisis that is actually facing all of us. Thank you very much. And I will, as we said earlier on, set a call between 3 4 weeks from now to discuss more concretely and with more figures, our response to the current prices. Thank you.
Ladies and gentlemen, the conference is now concluded and you may disconnect your telephone. Thank you for calling.