Cyprus Airways Public Ltd. Suffers from Strike According to BAC Report13 Oct 2011 • by Natalie Aster
LONDON – Last week Greek air traffic controllers went on a strike, which led to cancellation of all Cyprus Airways flights to and from Greek airports. On Thursday, October 6th, the passengers were able to travel only with long delays and severe discomfort. As a result, company’s flight schedule has dramatically changed, most of flights lagged two to five hours. For example, on Thursday 29 of 33 flights scheduled had an average delay of 3 hours, and only 4 flights took off in time.
The strike is a big problem to Cyprus Airways as it brings along financial losses. By most conservative estimates every minute of delay corresponds to EUR 80 additional cost. Counting from September 4 to October 2, the carries already has over 16000 lost minutes, which is estimated to overall cost of EUR 1.2 M.
Cyprus Airways constantly appeals to air traffic controllers so they would stop the "white strike" because the Company receives the largest losses ever.
Company’s recent financial performance is bad as it is affected by the strike. In H1 2011 revenue and net income decreased by 34.2% and 214% respectively, and amounted to EUR 90.6 M and EUR (29.3) M. FY 2010 results are pretty good though. Revenue fell down by 4.5% but net income went 106% up and was found above zero point (EUR 0.23 M).
Founded in 1947 and headquartered in Nicosia (Cyprus), Cyprus Airways is a Greek airline company engaged in the air transportation of passengers and cargo. The company has over 30 destinations in Europe, Middle East and Gulf, and also has agreements with other air carriers about transatlantic flights. The fleet contains Airbus A319, A320 and A330 models. The company runs several services for its passengers, like e-ticketing, online check-in, car rentals or hotel booking.
Full info list on the company’s activities, services, financials, business possibilities can be found in the report “Cyprus Airways Public Ltd. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis” recently published by Market Publishers Ltd.
Title: Cyprus Airways Public Ltd. Fundamental Company Report Including Financial, SWOT, Competitors and Industry Analysis
Date: Oct, 2011
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