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CyAir: State must reduce stake to 51%

27/06/2002 12:19
Cyprus Airways Chairman Haris Loizides suggested that the state reduce its stake in the company immediately to 51 per cent to help the airline meet increasing competition and the demands of liberalisation.

Addressing the Cyprus Airways 55th AGM, Loizides said pre tax profits for 2001 fell to 4,1 million Cyprus pounds compared with 5,6 m. the year before, a result he described as "satisfactory" bearing in mind the blow airlines around the world were dealt in the aftermath of the September 11 terrorist attacks in the US.

On future prospects, he said the Group will continue its efforts to increase availability of seats to cover gaps other airlines cause and thereby support the island's main industry, tourism.

Interestingly, despite the shock resulting from the terrorist attacks in the US and despite the decreasing tourist arrivals, the number of passengers flying with CAIR in the first four months increased, according to Loizides, by 5.7%.