Paphos People

Cyprus Airways (CAIR) returned to profit in 2007 after four years of loss, with revenue of 169 mln CYP (288.7 mln euro) compared to 157 mln CYP (268.2 mln euro) in 2006, registering an increase 7.6%.

Cyprus’ national air carrier announced the indication of results for the year ended 31 December 2007, which is a net profit attributable to shareholders of 687.000 Cyprus pounds (1,2 million euro) in comparison to net loss of 4.3 mln pounds (7.4 mln euro) in 2006.

Announcing the positive results Executive Chairman Kikis Lazarides said “it seems Cyprus Airways is winning the bet of salvation.” “Maintaining peace among the labour force, between management and employees, is a fundamental precondition to stabilise and improve these positive results,” he said, which allow the company to offer staff certain benefits such as a salary increase in 2008 of total cost 600.000 Cyprus pounds and the issue of 20.000 new shares on nominal price.