NICOSIA - National carrier Cyprus Airways more than doubled its losses last year to €55.8m, hit by falling passenger figures and freight earnings, it said.
Cyprus Airways, which is majority state-owned, posted a 17.6% drop in total revenue to €175.5m. The carrier said it expected the coming year to be challenging because of an economic downturn in its main markets.
The company said it is implementing a turnaround plan, which includes outsourcing, redundancies and pay cuts.
Reuters