Air Transport World

Cyprus Airways.(Europe)(Brief Article)

The carrier had a bad year in 2003, suffering a record net loss of more than 20 million Cypriot pounds ($40 million), sharply down from a 10.5 million pound profit in 2002. Chairman Constantinos Loizides attributed the nosedive primarily to "considerable reduction of revenue due to the Iraq war and the economic recession in various markets." The carrier is 70% government owned, with private investors holding the difference. …

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