Egypt's national airline, EgyptAir, reported a 7.3 percent profit decrease from 119.8 million Egyptian pounds ($31.5 million) in fiscal year 2000 to EP111 million ($24 million) in the fiscal year of 2001, reported Al-Akhbar.
EgyptAir cut its operations by 15 percent following the airborne suicide attacks in the United States. The airline also announced it would not go ahead with the purchase of two Boeing 777s, which were to have been delivered in September. The company had taken out a loan of $160 million to buy the two aircraft.
EgyptAir plays a crucial role in Egypt’s economy, contributing around $190 million to the national economy on a yearly basis, as well as providing employment. The airline’s fiscal year begins in June. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
