Last Update 22:46
Thursday, 24 October 2019

EgyptAir losses fall 74% in fiscal year 2014/15: Chairman

Ahram Online , Monday 28 Dec 2015
EgyptAir (Reuters)
EgyptAir (Reuters)
Share/Bookmark
Views: 2224
Share/Bookmark
Views: 2224

The Egyptian state-owned aviation company EgyptAir saw losses drop by 74 percent to LE718 million in the fiscal year ending 30 June 2015, down from LE3 billion in the same period a year earlier, Sherif Fathy, the company's chairman, told business daily Al-Borsa on Monday.

EgyptAir plans to profit by the end of the current fiscal year despite a drop in its revenues in the second quarter during the aftermath of the Russian plan accident, Fathy was quoted as saying.

Both Russia and the United Kingdom, the main tourists exporters to Egypt, halted flights to Egypt following a Russian plane crash in Sinai governorate in October.

Last week, British travel firms Thomson and Thomas Cook extended their flight suspension to the Red Sea resort of Sharm El-Sheikh in South Sinai until March.

Since the 2011 uprising, the company has accumulated losses of LE10 billion, with the once thriving tourism sector struggling as a whole.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
1



Neo
29-12-2015 04:12pm
0-
3+
EgyptAir has to be Sold
In this international consolidation of airlines, EA has no chance for survival. More successful airlines such as Air France, KLM, Alitalia couldn't survive as a standalone carrier in a continually evolving global market. The best chance for EA is to clean their act, clean their balance sheet, and find a regional or Euro buyer to integrate it into their portfolio.
Email
 
Name
 
Comment's Title
 
Comment
Latest

© 2010 Ahram Online.