Cyprus Airways posted a post-tax loss of €18.9 million ($25 million) for the 2011 full year, compared to a €232,000 profit in 2010.
The carrier said the economic downturn, Greek debt crisis, competition and dip in passenger traffic all contributed to the loss.
Total revenue for the year was €212.4 million compared to the previous year’s €236.3 million.
Cyprus Airways posted a post-tax loss of €18.9 million ($25 million) for the 2011 full year, compared to a €232,000 profit in 2010. The carrier said the economic downturn, Greek debt crisis, competition and dip in passenger traffic all contributed to the loss. Total revenue for the year was €212.4 million compared to the previous year’s €236.3 million. The carrier, which says it needs a capital injection of about €45 million, has been seeking a ...
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