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Cyprus Airways Posts First-Half Loss 2009

Cyprus Airways lost 3.8 million euros before taxes in the first half of 2009, with revenues dropping 17% year-on-year, said the group today, citing a fall in passenger numbers and cargo revenues due to the worldwide financial crisis.

Revenue for the first half of 2009 was 116.3 million euros, and expenditure was 125.8 million.

The sale of three aircraft brought in 4.6 million and reduced losses compared to the same period last year, when losses were 8.2 million euros.

"The crisis continues in the current year as well more threatening as time passes...It is certain though that its consequences and impact affect adversely the airline industry and hence the Group," said a group statement.

"It is worth noting that the Group has sufficient liquidity to meet its obligations as they fall due without being dependant on short-term banking facilities," it added.

The Company’s flight schedule has been adjusted so that loss-making flights are reduced and in order to limit available seats in the market as a result of the reduced demand due to the financial crisis. The new code sharing agreement with Etihad Airways is considered important as it enables Cyprus Airways to offer a greater choice to the travelling public through a large international network, yielding financial benefits to the Group, it said.

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