Powering EgyptAir's engines is getting more expensive, further hitting profits (Photo: Reuters) EgyptAir saw a three-quarter plunge in its annual profits due to regional unrest and rising fuel costs, the national carrier said on Monday. The airline reported profits of LE259 million (US$42.95m) in the 2010-11 financial year, 76 per cent less than the year before. Profits for the 2011 calendar year were just LE82 million ($13.6m). The head of EgyptAir's board, Hossam Kamel, attributed the fall to the cancellation of flights during Egypt's uprising, a resultant decline in tourism and the increasing cost of aviation fuel. Small-scale strike actions by the airline's workers also hit revenues. Egypt saw around 10.1 million tourists in 2011, 32 per cent less than the year before, according to government figures released at the end of December. In September, EgyptAir Ground Services employees at Cairo international airport held a partial strike following rumours that concessions they had previously won by strike actions would not be implemented. Protests had a minimal effect on daily operations.
GMT 19:00 2018 Friday ,14 December
Air Berlin’s administrator sues Etihad for up to €2 billionGMT 12:51 2018 Tuesday ,27 November
Road accidents in Egypt down by 24.2% in first half of 2018GMT 15:01 2018 Monday ,26 November
Koreas to launch joint railway inspectionGMT 07:11 2018 Thursday ,15 November
Flights temporarily suspended at Kuwait Airport due to low visibilityGMT 10:27 2018 Sunday ,11 November
Egypt's tourism minister discuss boosting ties with Thomas Cook Group CEOGMT 10:19 2018 Sunday ,28 October
Harry and Meghan receive traditional Maori welcome in New ZealandGMT 10:47 2018 Wednesday ,24 October
KSA participates in UNGA international migration sessionGMT 12:37 2018 Tuesday ,16 October
Foreign ministry rejects requests for passport use in LibyaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor