EgyptAir, which suffered severe financial losses since the outbreak of the 25 January Revolution, will see a 57% decrease in such losses during the 2012-2013 fiscal year, according to Wael Al-Maadawi, Egypt’s Civil Aviation Minister.
In a statement released Saturday, Al-Maadawi stated that these types of losses would this year amount to less than EGP 1.5bn, compared to EGP 3bn seen during the previous fiscal year. He further stated that current fiscal year profits for the Egyptian Holding Company for Airports and Air Navigation were expected to surpass EGP 600m, compared to EGP 524m during the previous year.
He added that the number of transit passengers passing through Egypt in 2013 would exceed one million, compared to 300,000 last year. He attributed this increase in transit traffic to the shutting down of air navigation lines in Libya and Syria due to political unrest seen in both countries.
Al-Maadawi added that the ministry sought to increase this number to 20 million annually, a feat which would help increase the total yearly revenues of the Cairo Airport Company by $300m.
Al-Maadawi further refuted claims saying that EgyptAir was in the process of selling aircraft from within its fleet, saying instead that the company had just taken to temporarily renting out two of its aeroplanes.