EgyptAir lost about $185 million last year

CAIRO — Egypt’s civil aviation minister said 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.

More in Herald Business Journal

Why real estate investors are watching self-driving cars closely

With decisions on real estate made years in advance, could self-driving cars change how we live?

More than 60 Boeing 737s per month: Can suppliers keep up?

There was lots of talk this week about the prudence and pressures of soaring production rates.

Grocer Albertsons eyes Rite Aid deal in health care push

The combo would have 4,892 stores, more than 4,300 pharmacies and a strong presence on both coasts.

Developer proposes an 18-story building in Lynnwood

It would be the second-tallest in the county and include apartments with retail space.

Even as stock markets shook, many investors held steady

Older investors were buying stocks, but at a lower rate than their younger counterparts.

Snohomish County business licenses

PLEASE NOTE: Business license information is obtained monthly from the Washington Secretary… Continue reading

New Everett mayor speaks out about business in city, region

Q&A: Cassie Franklin on what can be done to get Boeing to build the 797 here and attract new industries.

Aerospace analyst explains how he’ll help state’s Boeing bid

Richard Aboulafia will deliver a report on Washington’s strengths and weaknesses in landing the 797.

Air passenger traffic growing faster than airplane capacity

“Our customers are in a good place,” a Boeing marketing executive says of the airlines.

Most Read