CaptainChris
V.I.P.-Class-Member
- Εγγραφή
- 29/07/2003
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- Περιοχή
- Thessaloniki, Greece, EU
- Website
- www.captain-chris.com
- Αγαπημένη αεροπορική εταιρεία (ICAO Code)
- BAW
- Πλησιέστερο αεροδρόμιο (ICAO Code)
- LGTS
Cyprus Air Reports Heavy H1 Pretax Loss
August 31, 2004
National carrier Cyprus Airways announced a CPY30.11 million pound (USD$62.8 million) pretax loss for the first six months on Tuesday, hit by the operating costs of a new subsidiary.
The losses are among the heaviest reported by the Group, which plans redundancies and disposal of aircraft in a survival plan criticized by its powerful unions.
Increased competition on fares and rising fuel costs were also expected to have an adverse impact on results for the second half of the year, the carrier said in a statement.
Total revenues rose 20.4 percent on the corresponding period of 2003 to CPY89.3 million (USD$186.2 million).
Results for the first six months incorporate operating expenses for Hellas Jet, a Greek-based subsidiary established last year and which commenced full operations this year.
"Without the impact of Hellas Jet the group results would have been more or less level with those last year," an airline spokesman said.
Cyprus Airways has in the past said it is exploring several options to curb the impact of Hellas Jet on the group, but has declined to address speculation it could also mean closure.
The airline is discussing a restructuring plan with trade unions which includes spin offs of non-essential business and redundancies which could result.
"If this plan is adopted this year there will be a considerable reduction in the company losses, and there will be a return to profitability in 2006," the airline spokesman said.
(Reuters)
August 31, 2004
National carrier Cyprus Airways announced a CPY30.11 million pound (USD$62.8 million) pretax loss for the first six months on Tuesday, hit by the operating costs of a new subsidiary.
The losses are among the heaviest reported by the Group, which plans redundancies and disposal of aircraft in a survival plan criticized by its powerful unions.
Increased competition on fares and rising fuel costs were also expected to have an adverse impact on results for the second half of the year, the carrier said in a statement.
Total revenues rose 20.4 percent on the corresponding period of 2003 to CPY89.3 million (USD$186.2 million).
Results for the first six months incorporate operating expenses for Hellas Jet, a Greek-based subsidiary established last year and which commenced full operations this year.
"Without the impact of Hellas Jet the group results would have been more or less level with those last year," an airline spokesman said.
Cyprus Airways has in the past said it is exploring several options to curb the impact of Hellas Jet on the group, but has declined to address speculation it could also mean closure.
The airline is discussing a restructuring plan with trade unions which includes spin offs of non-essential business and redundancies which could result.
"If this plan is adopted this year there will be a considerable reduction in the company losses, and there will be a return to profitability in 2006," the airline spokesman said.
(Reuters)
