State-owned carrier EgyptAir has returned to profitability during the first quarter of current fiscal year, after an extremely challenging four years, said chairman and CEO Sameh El-Hefny. The company has been highly unprofitable since the political crisis in Egypt began in early 2011
Egypt’s flagship carrier has consistently struggled since early 2011 due to prolonged political instability, impacting inbound visitor numbers as well local traffic.
El-Hefny revealed that EgyptAir’s cumulative losses have totalled 10 billion Egyptian pounds (US$1.4 billion) in the last four years, since the start of the crisis.
During a press conference at Egyptian Aviation Ministry’s headquarters, EgyptAir’s CEO further referred that the Q1 positive results were backed by growing transit traffic and mechanisms to curb the losses.
