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Middle East Airlines to report 40% reduction in profits in 2010

26-Oct-2010 10:39 AM

Middle East Airlines Chairman Mohammad Hout warned the unrestrained and unregulated open sky policy in Lebanon could affect the profitability of the national carrier (dailystar, 26-Oct-2010). Mr Hout stated that the carrier is not opposed to the policy which was approved in 2001 to encourage open competition and attract more tourists to Lebanon. More than 55 airlines operate to/from Rafik Hariri International Airport. Mr Hout also cautioned that political tension in the country would affect tourism levels. Mr Hout added the carrier's financial results in recent months have not been too promising on a year-on-year basis with reports suggesting the carrier's profits have declined since Oct-2009. Mr Hout expects profits to decline by 40% in 2010.