Cyprus Airways Posts 2011 Loss of 18.9 mln eur

Cyprus Airways said it lost 18.9 million euros in 2011 compared to a profit of 232,000 euros in 2010, according to its preliminary results.

Total revenue was 212.4 million euros in 2011, a drop of 10 percent compared to 2010, according to the airline's results.

The signifcant decrease in revenue is mainly due to a reduction in passenger spend and cargo, and the airline said it suffered losses due to the elimination of routes and reduced demand due to the economic crisis.

This week, the company's board of directors said it would cut around 100-150 employees from its 1,100 employees so it can reduce operational costs. CA is also seeking a strategic investor.

The airline's majority stake of 69.57 percent is held by the state, while 30.43 percent is held by private investors.

Message from CyprusNewsReport.com.  We can't do it without YOU. Please support our independence.

To make and read comments, become a full member of your news community, click here.