Struggling Cyprus Airways posts a loss of 55.8 million euros after tax for 2012

Struggling Cyprus Airways on Monday posted a loss of 55.8 million euros after tax for 2012, more than double the net loss of 23.88 million of the previous year. The national carrier said the increase in losses is mainly attributed to the reduction in revenue from cargo and...

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Struggling Cyprus Airways posts a loss of 55.8 million euros after tax for 2012



Balkans.com Business News Correspondent - 06.03.2013

Struggling Cyprus Airways on Monday posted a loss of 55.8 million euros after tax for 2012, more than double the net loss of 23.88 million of the previous year.
 
The national carrier said the increase in losses is mainly attributed to the reduction in revenue from cargo and passenger traffic, as unprofitable routes were axed.
 
Total revenue dipped 17.6 percent to 175.5 million euros in 2012 from 212.9 million in 2011.
 
Operating losses for 2012 almost doubled to 49.7m euros from 25.5m in 2011.
 
The state-run airline said its future survival depended on it receiving rescue aid through a government share capital injection which needs European Union approval, Hurriyet Daily reports.


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