CA Expects Significantly Lower Revenue
Cyprus Airways (CA) has warned investors that its financial results for 2009 are expected to be significantly lower than 2008.
This is mainly due to the global financial crisis, said the company. The crisis has affected the airline industry "particularly adversely and has led to the decrease in passenger numbers," significantly reducing the company's revenue.
The decrease in revenue was partly offset by a significant reduction in expenses, particularly fuel costs, said CA. Revenues for the first half of 2009 were down by 17 percent year-on-year to 116.3 million euros, said the company last year.