11/04/2005 08:11
The two Cyprus Airways subsidiaries, Hellas Jet and Eurocypria have followed a different course in the past two years. While Eurocypria was announcing profits of £2 million in 2004, the Board of Directors of Cyprus Airways decided to terminate the operations of the loss-making subsidiary Hellas Jet.
Commenting on the decision taken on Friday, Transport Minister, Haris Thrasou said that the bids on the table were not deemed satisfactory. According to sources, the company is expected to close in May, after the payment of its debts and the staff.
Hellas Jet was established in 2003. Since then, losses exceed £1 million per month.
On the other hand, Eurocypria showed profits for the second consecutive year. According to Eurocypria General Manager, Giorgos Souroullas, the company has transferred 10% of the total foreign tourists in Cyprus, while 10% of its seats are sold in Cyprus. Eurocypria uses Boeing, which are more economical.
It is worth noting that Cyprus Airways has showed losses of £33.5 million in 2004.
Commenting on the decision taken on Friday, Transport Minister, Haris Thrasou said that the bids on the table were not deemed satisfactory. According to sources, the company is expected to close in May, after the payment of its debts and the staff.
Hellas Jet was established in 2003. Since then, losses exceed £1 million per month.
On the other hand, Eurocypria showed profits for the second consecutive year. According to Eurocypria General Manager, Giorgos Souroullas, the company has transferred 10% of the total foreign tourists in Cyprus, while 10% of its seats are sold in Cyprus. Eurocypria uses Boeing, which are more economical.
It is worth noting that Cyprus Airways has showed losses of £33.5 million in 2004.
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