During the current fiscal year, EgyptAir aims to achieve a net profit of EGP 1bn by the end of the fiscal year in order recover from a period of accumulated losses, according to the chairperson and CEO of EgyptAir Holding Company, Safwat Musallam. Musallam told Daily News Egypt that all EgyptAir Holding Company subsidiaries are currently achieving profits, except for the airline company, which is the reason for prompting the holding company to seek and plan to recover from its continuous losses. EgyptAir suffered losses of EGP 4bn during the first half of 2016/17 fiscal year. It is worth noting that the current fleet of Egypt Air includes 63 aircraft of different models. Egypt Air signed nine Boeing aircraft, worth $864m in 2016.

Source: Daily News Egypt July 13, 2017 07:07 UTC