EgyptAir, the country’s state-owned airline company, accumulated LE10.11 billion in losses over the past three years, the company's chairman Sameh El-Hefny said on Thursday.
The national airlines company announced last week that it had hired Texas-based airline advisory firm, Sabre Airline Solutions, to prepare a restructuring plan.
The contract between EgyptAir and Sabre Airline prohibits releasing its value to the public, El-Hefny was quoted as saying by Ahram’s Arabic news website.
EgyptAir reached its peak in profits of LE695.1 millions in the 2007/2008 fiscal year but began suffering losses following the uprising in January 2011, the company website shows
