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.
MORE HBJ HEADLINES
Profits plunge at major U.S. oil companies U.S. rig count drops 11 this week to 420, another all-time low There’s rare good news on the retirement front Canadian dollar rises above 80 cents U.S. mark OPEC oil output surges as Iran looks to regain market share U.S. wage increases subdued in first quarter