The Lebanese Middle East Airlines Company (MEA) reported that it has minimized its operating losses by one third in 2001, totaling $30 million, reported Al-Quds Al-Arabi . MEA cut its labor force, which stands at 4,000 employees, by 40 percent in 2001. The Chief Director of MEA, Mohammed Al-Hout, who let go 1,540 of the company’s employees last summer, said that the MEA intends to sell company shares to an international airliner. However, the deal is not likely to occur in the near future due to the prevailing global recession in the aviation industry. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
