Nov. 21 (Bloomberg) -- 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.
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