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CAIR: $6m from sale of aircraft

03/03/2011 08:53
Cyprus Airways announced on Thursday that it sold an aircraft to Myanmar Airways International against $6 million.

The sale of A320-200 aircraft MSN295 took place in the context of the Company's decision for the partial renewal of its fleet with the replacement of its old A320 aircraft with newer ones. “The decision was taken following an internal study”, the announcement said.

The sale was carried out in a critical period for the Company, which expects the approval of the state aid of €20 million by the Parliament.

The sale price has been paid by the buyer in cash, contributing to the liquidity of the national carrier, which is expected to face problems next month if the state aid is not approved.

The sale of the aircraft will generate an accounting profit of approximately €1,6 million, based on the current exchange rate between the Euro and the US Dollar.

“The Company expects a substantial benefit from this transaction in terms of improved liquidity and capital base”, the announcement concluded.