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Reuters
EgyptAir will swing to a profit this year, buoyed by an increase in passengers and cost cutting, the chairman of the state-owned airline’s holding company said.
EgyptAir has struggled to rebound from the 2008 global financial crisis and two revolutions that have hobbled Egypt’s economy since.
“This year the company will transfer from a loss,†EgyptAir Holding Chairman Safwat Musallam told Reuters
in Sharjah. He declined to say how much money the airline would make in the year to June 30, 2018, or to disclose its loss in the previous financial year.
EgyptAir, one of Africa’s largest and oldest airlines, would carry 9 million passengers in its current fiscal, compared to 8 million in the year ago period, he said.
The airline is cutting costs by dropping unprofitable routes and reducing workforce. It plans to retire 30 aircraft, including its older Airbus A320, A330s and its Embraer jets, Musallam said.