30/12/2010 10:13
The results of Cyprus Airways are expected to be more loss-making than in 2009, mostly due to the lower revenues.
According to the announcement, “the worsening of the financial results is mainly due to the global financial crisis and the consequential increase in competition which impacts the airline industry”.
“Despite the fact that the Company managed to partially increase passenger traffic, it continues to be adversely affected in terms of yields, something which has significantly reduced the Company’s revenue”, the announcement said.
Additionally the results of the Company for 2010 were adversely affected by the volcanic eruption in Iceland, the financial conditions and industrial upheaval in Greece, the weakening of the Euro and the very significant increase in the cost of fuel in relation to last year as well.
In 2009, the Company had recorded losses of €3.3 million against profits of €1.7 million in 2008.
In the first half of 2010, CAIR announced losses of €25.5 million against losses of €3.5 million in the corresponding period of 2009.
According to the announcement, “the worsening of the financial results is mainly due to the global financial crisis and the consequential increase in competition which impacts the airline industry”.
“Despite the fact that the Company managed to partially increase passenger traffic, it continues to be adversely affected in terms of yields, something which has significantly reduced the Company’s revenue”, the announcement said.
Additionally the results of the Company for 2010 were adversely affected by the volcanic eruption in Iceland, the financial conditions and industrial upheaval in Greece, the weakening of the Euro and the very significant increase in the cost of fuel in relation to last year as well.
In 2009, the Company had recorded losses of €3.3 million against profits of €1.7 million in 2008.
In the first half of 2010, CAIR announced losses of €25.5 million against losses of €3.5 million in the corresponding period of 2009.
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