EgyptAir losses post EGP float exceeded EGP 15 bn

EgyptAir’s losses after the EGP float grew to EGP 15 bn, Civil Aviation Minister Sherif Fathy said, according to Al Masry Al Youm. He said that the company did not receive any financial support from the government, unlike other companies in similar financial straits. The company’s losses before the EGP floatation in November amounted to some EGP 400 mn, Fathy adds, blaming people’s perception that EgyptAir’s tickets are overpriced on the fact Egyptians having the tendency to be late bookers. Fathy went on to complain that the average breakeven price of a seat on EgyptAir is USD 80, which makes it difficult for the national flag carrier to bear extra costs and add new services, Ahram Gate reports.