Loss making Cyprus Airways sells Zenon unit

Loss-making national carrier Cyprus Airways has sold its subsidiary Zenon NDC to Sabre Group for $5.5 mln, the airline said on Friday.
The sale agreement had been signed on December 24 and completed on January 13, the carrier said in a stock exchange filing. Zenon provides electronic information on bookings and reservations, while Sabre is a worldwide electronic network for buyers and sellers.
Cyprus Airways has suffered from cheaper competition encroaching on its most lucrative routes. It is expected to rack up losses of around 30 mln euros for 2010, Finance Minister Charilaos Stavrakis said in November.
The state owns just under 70% of the airline whose shares are quoted on the Cyprus Stock Exchange.