Cyprus Airways expects to report significant negative result for 1H2012

Cyprus Airways announced (29-Jun-2012) it expects to report a significantly more negative 1H2012 result, compared to 1H2011. The airline attributes the result to the continuing European financial crisis and growing competition in key markets. Results in 1H2012 included a non-recurring benefit of the exchange of London Heathrow Airport slots with Virgin Atlantic and the profit from the sale of one A320 and one spare aircraft engine. The results also included the non-recurring cost of redundancy compensation to employees who left the airline following the implementation of the airline's redundancy scheme. The airline expects its results in 2H2012 to show some improvement following the implementation of the airline's restructuring plan. [more - original PR]