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EgyptAir accumulates LE10 bn in losses in past 3 years

The national airline has solicited the assistance of Texas-based airline advisory firm, Sabre

Ahram Online , Thursday 25 Dec 2014
EgyptAir
Egyptair Plane (Photo: Reuters)
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EgyptAir, the country’s state-owned airline company, accumulated LE10.11 billion in losses over the past three years, the company's chairman Sameh El-Hefny said on Thursday.

The national airlines company announced last week that it had hired Texas-based airline advisory firm, Sabre Airline Solutions, to prepare a restructuring plan.

The contract between EgyptAir and Sabre Airline prohibits releasing its value to the public, El-Hefny was quoted as saying by Ahram’s Arabic news website.

EgyptAir reached its peak in profits of LE695.1 millions in the 2007/2008 fiscal year but began suffering losses following the uprising in January 2011, the company website shows.

 

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