EgyptAir yearly profits plunge 76%
(MENAFN) EgyptAir reported a drop in profits in fiscal year 2010/2011, attributed to the regional unrest and rising fuel costs, Ahram Online reported.
The national carrier said that its profits plunged 76 percent to USD42.95 million in the fiscal year 2010/2011 from a year earlier. Profits for the 2011 calendar year were just USD13.6 million.
Hossam Kamel, chairman of EgyptAir's, said the airline suffered from several cancellations of flights during Egypt's uprising, leading to a decline in tourism and the increasing cost of aviation fuel, in addition to a small-scale strike actions by the airline's workers.
Egypt received around 10.1 million tourists last year, 32 per cent less than a year earlier, according to official data.
In September, EgyptAir Ground Services employees at Cairo international airport held a partial strike following rumors that concessions they had previously won by strike actions would not be implemented.
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