Egyptair sees full-year profit increase; no immediate IPO or LCC plans
Egyptair Chairman and CEO, Hussein Massoud, stated the carrier plans to increase full-year profits by nearly a third, stating: "We are making a profit", and adding: "We are planning to see more this year" (Reuters, 08-Aug-2010). The company is planning to reporte a USD132 million profit in the 12 months to Jun-2011, a 31% year-on-year increase. Mr Massoud added that the Star Alliance carrier is continuing with its fleet expansion plans, adding: "We turned the crisis into an opportunity and have advanced our receiving of aircraft". The carrier expects to take delivery of four B737-800 by the end of 2010, with two B777-300s scheduled for delivery in Nov-2010 and Dec-2010 The carrier added that it has no immediate plans for IPO, although it remained an option for the future, with Mr Massoud stating: "Three to four years ago we thought about an IPO, but now our status is healthy and we are in no need of such things. But no one knows the future". Regarding the potential for a LCC subsidiary, the CEo commented: "There may be some planning but there is no project for now. We are thinking what is the solution for facing low cost carriers"