EgyptAir sees profits plunge 3 quarters in revolutionary

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.