Cyprus Airways: Profit Warning
29-Jun-2012 Cyprus Airways Public Ltd (the "Company") informs investors that the loss for the first six months period of 2012 is expected to record a significant negative variance in comparison to the same period of 2011. This is mainly attributed to the continuing financial crisis and the intensifying competition in the main markets where the Company operates, especially by low cost carriers that receive subsidies. It is expected that the results of the second half of the year will record improvement following the implementation of the Restructuring Plan of the Company.
It should be noted that the results of the same period last year included 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 one aircraft spare engine. They also included the non-recurring cost of redundancy compensation relating to employees who left the Company's employment following the implementation of the Redundancy Scheme.