Cyprus Airways losses widen in 2011

Cyprus Airways revenue down 10% - financial highlights for 12 months ended 31-Dec-2011:

• Revenue: EUR212.4 million, -10.1% year-on-year;
• Operating costs: EUR264.7 million, +1.9%;
• Cost of sales: EUR253.5 million, +1.7%;
• Operating profit (loss): (EUR20.6 million), compared to a loss of EUR4.9 million in p-c-p;
• Profit (loss) from continuing operations: (EUR19.0 million), compared to a loss of EUR3.2 million in p-c-p. [more - Original PR]

Cyprus Airways: "The current year continues to be affected by the economic downturn and the intensifying competition in the main markets where the Company operates. Particularly the aggravation of the financial crisis in Greece and the painful remedy measures imposed is expected to have an adverse impact on the airline industry," Company statement. Source: Cyprus Airways, 29-Feb-2012.