9-Jun-2011 1:20 PM

Egypt aviation sector loses USD215m after Jan-2011 revolution

Egypt's Minister of Civil Aviation Ibrahim Mannaa stated the country's aviation sector has lost EGP1.28 billion (USD215 million) after the 25-Jan-2011 25 revolution (The Egyptian Gazette/, 08-Jun-2011). Mr Mannaa stated EgyptAir alone has incurred EGP1 billion (USD168 million) in losses. "Despite the improvement in the travel industry, which rose by 50%, against 20% during the revolution, the civil aviation sector is still in the red. Revenues do not cover operating costs. Despite the loss, labour rights have been intact and received all their financial payments," Mr Mannaa said.