Cyprus Airways reports 1.7 mln euro profits for 2008

SOURCE: Financial Mirror

Cyprus Airways (CY) has announced for a second consequent year after tax profits amounting 1.7 million euro, for 2008, compared to 1.2 million euro in 2007.

CY Executive President Kikis Lazarides has said that the profit would have been even higher if the company did not incur additional expenses of 28.7 million euro for fuel.

Addressing Thursday shareholders at the 62nd Annual General Meeting, Lazarides recalled that Cyprus Airways has been recording losses for four years in the past, which reached 150 million euro and led the company “to the edge of total collapse”.

“But for the past two years, our consequent profits come to assure that Cyprus Airways finally stand on their feet”, he said.

Reminding shareholders of the world economic crisis and its impact on other air companies, he said that under those circumstances, Cyprus Airways “announces today positive results for 2008, which we consider as a great achievement”.

According to the CY Annual Report, Cyprus Airways has recorded profit after taxation reaching 1.7 million euro for 2008, compared to 1.2 million euro for 2007.

He also said that the company began implementing the goals set at the 61st AGM for the partial renewal of Cyprus Airway’s fleet.

This project provides for the replacement of some Airbus 320, the long term leasing of other newer aircraft Airbus 320 or Airbus 319 as well as the selling of some Airbus 320.

“Studies have shown that the renewal of our fleet will bring great economic benefit to our company”, he concluded.

Cyprus Airways, the national carrier of Cyprus, was founded on September 24, 1947.

It operates scheduled services to over 30 destinations in Europe, the Middle East and the Gulf.

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