Cyprus Airways Carries 15% Fewer Passengers in First 10 Months

Cyprus Airways, the country’s state- controlled carrier, said it carried 15 percent fewer passengers in the first 10 months of the year after cutting capacity by 17 percent.

Passengers dropped by 210,000 from the year-earlier period, after the number of seats available was cut by 336,000 amid lower demand, the Nicosia-based airline said in a filing to the Cyprus Stock Exchange today. That helped to increase capacity use to 73.1 percent from 71.6 percent.

Cyprus Airways will make a profit of 7.6 million euros ($10 million) from the sale of two spare engines in the coming days. It will also return two leased A330-200 aircraft a year ahead of schedule. That is likely to bring “significant improvements in operating results,” according to the filing.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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