CA to break even, BOC prof­its up in 9-month

Financial Mirror (Cyprus) - - FRONT PAGE -

Cyprus Airways, that re­ported a sharp fall in earn­ings with a first half loss of CYP 3 mln a week ear­lier, an­nounced new al­liances and des­ti­na­tions with the aim of re­turn­ing to profit in the sec­ond half of the year, while Bank of Cyprus said its op­er­at­ing prof­its were up 9% to CYP 29.8 mln ac­cord­ing to the is­sue 187, on Novem­ber 13, 1996.

Cyprus Airways is ex­pected to break even in the sec­ond half of the year, de­spite to­tal losses for the year re­main­ing at CYP 3 mln. Out­go­ing Chair­man Vas­silis Rol­o­gis said that sig­nif­i­cant al­liances and more code-share flights will en­large the air­line’s reach and serve a record num­ber of

CA break even:

des­ti­na­tions, boost­ing rev­enues. He de­nied shut­ting down char­ter sub­sidiary Euro­cypria with CYP 1.5 mln losses. “On the con­trary, this prom­ises great po­ten­tial in the fu­ture,” Rol­o­gis said.

Bank of Cyprus said that op­er­at­ing prof­its for the nine-month pe­riod reached CYP 29.8 mln, a 9% in­crease, de­spite the low growth rate of the Cyprus econ­omy. Group Gen­eral Man­ager Yian­nis Kypri said that the de­cline in tourism and gen­eral slow­down of the econ­omy to 2-3% this year had af­fected the re­sults. Mean­while, the bank’s rapid ex­pan­sion in Greece con­tin­ued, hav­ing just opened its eighth branch there.

BOC prof­its:

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