By Paul Tugwell
Cyprus Airways, the country’s state- controlled carrier, said financial results for 2010 are expected “to be significantly more loss-making” than for 2009.
While the company increased passenger numbers, revenue fell amid greater competition, the Nicosia-based airline said today in a filing to the Cyprus Stock Exchange.
The company’s performance in 2010 was also hurt by the financial crisis in Greece and its affect on demand for key Greece-Cyprus routes, the weakening of the euro, the rise in fuel costs and the explosion of a volcano in Iceland which closed much of northern Europe’s airspace, according to the statement.
Cyprus Airways management and staff must agree to a realistic restructuring plan for the airline to survive, Finance Minister Charilaos Stavrakis said Nov. 23. The airline may make a loss of 30 million euros this year compared with a loss of 3.3 million euros in 2009, Stavrakis said Nov.9.
To contact the reporter on this story: Paul Tugwell in Athens at [email protected]
To contact the editor responsible for this story: Angela Cullen at [email protected]
https://www.bloomberg.com/news/articles/2010-12-30/cyprus-airways-sees-significantly-more-losses-in-this-year, Dec 30, 2010
Leave a Reply