Air Transport World

EgyptAir: Back in the black. (Company Profile)

CAIRO--EgyptAir returned to profitability in its fiscal year ended june 30, after reporting a loss for 1990-91 year, the first in the red for 12 years. Ismail Sherif, executive VP-corporate planning and finance, told ATW that in die first half of the 1991-92 year, a profit was made equivalent to the 1990-91 loss of $33 million.

When the final figures are in, he expects the second-half profit "to be as good as that for the first half, maybe better." With the effects of the pent-up demand for visits to Egypt, the tourist industry has recovered from the slack period of the Gulf crisis and the war. Last winter, "all of our markets were booming and this trend continued through the spring," Sherif said.

Fortunately, EgyptAir had capacity to meet the unexpected traffic rise. Due to poor conditions on the used-aircraft market, GPA decided to postpone taking delivery of the seven Boeing 737-200s and seven Airbus A300B4s that it had contracted to buy from the carrier. …

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