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EgyptAir has reported a 75% year-on-year decline in profit to $12 million in 2011, citing the civil unrest in Cairo and other parts of the country as reasons for the results.
The carrier, which had been in the middle of an expansion year, has already cut costs by 30%, CEO Hossam Kamal said, adding that cost-cutting will be an ongoing process.
EgyptAir plans to launch Cairo-Toronto services in 2013, along with several other routes, he added.
This news has been reported by AMEinfo.
