Cairo: EgyptAir, Egypt's flagship carrier and one of Africa's largest airlines, aims to boost full-year profit nearly a third, rebounding from a global economic downturn, an executive said yesterday.
"We are making a profit," said Hussain Masoud, chairman and chief executive officer of the EgyptAir holding company. "We are planning to see more this year."
The firm aims to make a profit of 750 million Egyptian pounds (Dh482 million) in the year to June 2011, up from 573 million pounds in 2009-10, he said.
EgyptAir, a member of the Star Alliance network, is pressing ahead with plans to expand its fleet, Masoud told reporters on the sidelines of an AVEX international airshow conference.
Ahead of schedule
"We turned the crisis into an opportunity and have advanced our receiving of aircraft," he said, adding the firm has received an Airbus A330 ahead of schedule.
The firm was expecting four Boeing 737-800 aircraft by the end of 2010 and two 777-300 aircraft in November and December.
The firm also said an initial public offering (IPO) was not being planned, but was an option for the future.
"Three to four years ago we thought about an IPO, but now our status is healthy and we are in no need of such things. But no one knows the future," Masoud said.
EgyptAir is the flag carrier airline of Egypt and a member of Star Alliance. The airline is based at Cairo International Airport, its main hub, operating scheduled passenger and freight services to more than 70 destinations in the Middle East, Europe, Africa, Asia, and the Americas.
