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EgyptAir lost around $185M last fiscal year

[June 15, 2013]  CAIRO (AP) -- Egypt's civil aviation minister says the national airline lost an estimated 1.3 billion Egyptian pounds, or around $185 million, over the last fiscal year.

Wael el-Maadawi said Friday that EgyptAir's losses for the year ending this month were mainly due to an increase in fuel prices, the devaluation of the Egyptian currency and continuous strikes within the company. Losses the previous year were around double the 2012-2013 figures.

On Thursday, pilots staged a 10-hour sit-in at Cairo's international airport to demand management changes and bonus payments, delaying 22 flights.

The figures push to more than 7 billion pounds, or nearly 1 billion dollars, the total losses the carrier has suffered since the 2011 uprising that toppled longtime autocrat Hosni Mubarak. A plunge in tourism has also hit the airline.

[Associated Press; TONY G. GABRIEL]

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