Cyprus Airways issues profit warning
24-Feb-2012 Cyprus Airways Public Ltd (the "Company") informs investors that the loss for the year 2011 is expected to record a significant negative variance compared to the result of 2010. This is mainly attributed to the continuing economic downturn in the main markets where the Company operates and to the further significant increase in fuel prices.
It should be noted that the results of the year include the non-recurring benefit which arose from the exchange of slots at London Heathrow airport between the Company and Virgin Atlantic Airways as well as the profit from the sale of one A320-200 aircraft and three aircraft spare engines. They also include the non-recurring cost of redundancy compensation relating to employees who left the Company's employment following the implementation of the Redundancy Scheme.