Manufacturing Industry
Cyprus Airways reports half-year loss
Airline Industry Information, August 31, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Cyprus Airways has recorded heavy losses for the first half of 2004 due mainly to the operating costs of its new Greek subsidiary Hellas Jet.
The airline also cited the rise in fuel costs and increased competition for the disappointing results. Revenues rose by 20.4% on the same period in 2003, to CYP89.3m, but despite this the airline still made a loss of CYP30.11m.
A spokesperson for Cyprus Airways said that it was now discussing a restructuring plan with employee unions, which would involve redundancies and the sale of aircraft, reports Reuters.
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