Cyprus Airways posts ’09 loss as passengers, cargo fall

National carrier Cyprus Airways swung to a net loss of EUR3.28 mln in 2009, with operations crimped by a fall in passenger and cargo traffic, it said.
The airline, majority controlled by the state, posted a EUR1.74 mln net profit in 2008. Revenue fell 20 percent last year on the back of a decline in passenger numbers and fare yields, and a fall in cargo business. The airline's operational costs were 16.7 percent lower, pulled down by a steep decline in the cost of fuel.
Cyprus Airways said it could not give guidance for 2010 because of uncertainty surrounding the duration of the global economic downturn and the effect it would have on the aviation industry.
"The group has adequate liquidity to meet any commitments which may arise, without the need to resort to short-term banking facilities," the airline said.