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