EgyptAir losses slope by 74% in fiscal year 2014-15

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.

source: Ahram Online