Cyprus Airways expects to report negative result for FY2011

Cyprus Airways announced (24-Feb-2012) it expects to report a negative result for FY2011 due to increasing fuel prices and the "continuing economic downturn in the main markets" it operates. The results will include the profit from the sale of one A320 and three spare aircraft engines, non-recurring cost of redundancy compensation and the non-recurring benefit arising from the airline's exchange of London Heathrow slots with Virgin Atlantic. The carrier also announced that its board meeting, scheduled for 23-Feb-2012, was postponed to 28-Feb-2012 to discuss strengthening the airline's capital base. [more - original PR - financial forecast] [more - original PR - board meeting]