- CAPA Analysis
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- IATA Code
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- Corporate Address
- 21 Alkeou Street,
P.O. Box 21903
CY - 2404 Engomi,
- Main hub
- Larnaca Airport
- Business model
- Full Service Carrier
- Association Membership
- Codeshare Partners
KLM Royal Dutch Airlines
Middle East Airlines
Virgin Atlantic Airways
Cyprus Airways is the national airline of Cyprus and has bases at Larnaca International Airport and Paphos International Airport. The airline operates scheduled services to over 30 destinations across Europe, the Middle East and the Gulf States. The airline is majority owned by the Cypriot government.
Location of Cyprus Airways main hub (Larnaca Airport)
309 total articles
9 total articles
Mired in financial difficulty, Cyprus Airways is one of many European airlines currently working to implement a Turnaround Plan. It is probably the one with the most urgent need, although the exact state of its finances is shrouded in mystery. It has still not published an Annual Report for 2012 and it recently postponed its 1H2013 financial results pending an investigation of its position by the European Commission in connection with a State Aid application.
Cyprus has been one of the economies worst affected by the eurozone crisis and its national airline has been hit hard both by this and by ever fiercer competition, in particular from LCCs. In addition, the divided status of Cyprus prevents the airline from operating in one of the largest markets, namely Turkey. Following a wholesale replacement of the Board of Directors in May-2013, the new management team may not have another chance to save the airline.
Cyprus Airways is facing intensifying competition in its local market while it contends with falling revenue and rising expenses. A turnaround plan is underway to streamline the airline’s operations in attempt to strengthen the carrier prior to raising new capital and a potential sale to a strategic investor. All the while low-cost carriers are growing in influence in the key Cyprus-Europe market.
In 2011 Cyprus Airways’ revenues were down 10.1% to EUR212.4 million while operating costs grew 1.9% to EUR264.7 million, primarily from rising fuel prices. The negative result was attributed to the ongoing economic downturn along with “intensifying competition in the main markets” where the airline operates. The flag carrier expects to be impacted further by Greece’s financial crisis while unrest in the Middle East is expected to continue to create uncertainty.
Airlines on Europe's southern and eastern periphery are becoming more precariously positioned, but are looking for for partners to help overcome the growing financial crisis. Cyprus Airways is the latest such carrier, and reported a widening in first half losses in the six months to 30-Jun-2011, as lower top-line revenue fell and higher fuel costs squeezed the airline in the period. Cyprus Airways is also turning to implementing a raft of measures aimed at stemming operating losses.
It would appear China has already reached its aim of creating a world-beating "super carrier" – at least in terms of financial size. Air China is by far the world’s biggest airline, based on a current ranking of listed airlines’ Enterprise Values (EV) assembled by the Centre for Asia Pacific Aviation (CAPA).
The first part of this three-part report on airline market capitalisations described how Air China is valued more on the stock exchange than US carriers United-Continental, JetBlue, Hawaiian Air, AirTran, US Airways, American Airlines, Republic Airways and Skywest combined. In this final section, CAPA reviews some further interesting facts from the equity investment world.
European airlines reported single-digit growth last year - a welcome improvement from 2009's depressed level - but 2010 was a lacklustre year overall. Full year data has been released by the Association of European Airlines (AEA), the European Low Fares Airline Association (ELFAA) and EUROCONTROL. As noted by EUROCONTROL, growth across the continent last year was driven mainly by LCCs.
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