Cyprus Airways revenue down 14.7%, losses widens three-fold in 1H2010

Cyprus Airways revenue down 14.7% - financial highlights for the six months ended 30-Jun-2010:

• Revenue: EUR99.3 million, -14.7% year-on-year;
• Cost of sales: EUR119.4 million, -0.6%;
• Operating profit (loss): (EUR26.2 million), compared with a loss of EUR4.9 million in p-c-p;
• Profit (loss) before tax: (EUR25.1 million), compared with a loss of EUR3.8 million in p-c-p;
• Net profit (loss): (EUR25.5 million), compared with a loss of EUR3.5 million in p-c-p;
• Net operating cash flow: (EUR5.8 million), compared with a negative cash flow of EUR6.4 million in p-c-p;
• Total assets: EUR192.2 million, +2.8% when compared with period ended 31-Dec-2009;
• Cash and cash equivalents: EUR45.4 million, -22.0% when compared with period ended 31-Dec-2009;
• Total liabilities: EUR208.4 million, +17.4% when compared with period ended 31-Dec-2009. [more]

Cyprus Airways: "The global financial crisis and the consequential increase in competition had a particularly adverse impact on the airline industry and have led to both a reduction in the number of passengers carried and to a significant decline in yields … The main characteristic of the reporting period is undoubtedly the financial crisis and whilst neither the extent of its impact on the airline industry in the near future is easy to predict, nor when recovery will commence, the indications are that the economic climate has started to improve steadily even though at a slow pace," Company statement. Source: Cyprus Airways, 31-Aug-2010.