Cyprus Airways, said yesterday financial results for 2010 are expected “to be significantly more loss-making” than for 2009.
While the company increased passenger number, revenue fell amid greater competition, the Nicosia-based airline said in a filing to the Cyprus Stock Exchange.
The company’s performance in 2010 was also hurt by the financial crisis in Greece –Cyprus routes, the weakening of the euro, the volcano in Iceland, which closed much of northern Europe’s airspace , according to the statement.
Cyprus Airways management and staff must agree to a realistic restructuring plan for the airline to survive, Finance Minister Charilaos Stavrakis said last month. The airline may make a loss of euro30m this year compared with a loss of euro3.3m last year.
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