IATA AGM 2013: EgyptAir CEO expects break-even result for FY2013
EgyptAir CEO Tawfik Assy told (03-Jun-2013) CAPA on the sidelines of the IATA AGM that the carrier is on track to break even in the fiscal year ending 30-Jun-2013 (FY2013), completing a recovery from the crisis which began after Egypt’s revolution in early 2011. Mr Assy says EgyptAir incurred losses of USD1.2 billion in FY2011 and FY2012 as the carrier was impacted by the revolution and subsequent instability, which led to a significant decrease in inbound tourist traffic. He says revenues for FY2013 are now on track to be higher than 2010. Mr Assy is confident the carrier will again be profitable in the year ending 30-Jun-2014 (FY2014).