EDEK believes that the risk for a bankruptcy scenario for Cyprus Airways is visible and further strategic investments have to be made.
Speaking within the framework of a press conference and after the announcement of losses of €29 million by CAIR for the first half, EDEK MP and former Communications Minister, Nicos Nicolaides said that on July 8, 2011 – the first meeting at the Presidential Palace – EDEK suggested the finding of a strategic investor.
“Unfortunately, not all the necessary measures have been taken yet and the risk for a bankruptcy scenario for Cyprus Airways is visible. EDEK has emphasized that Cyprus, as an isolated island with high dependence on tourism and other economic activities that require good air transport, must not depend on the foreign airlines only. Therefore, it is important to have a national carrier with satisfactory state stakes”, he said.
“In order for a national carrier to be viable, the strategic alliances with the private sector are necessary. It is very important to find more strategic investments and this can be achieved if we take advantage of the Cyprus Airways advantages in a proper way”, he added.
“At the same time, we have to prepare new business plans so as to make the new company more targeted and competitive. We must keep those itineraries that can be profitable, to reduce drastically the operating cost and to increase productivity so that it deals with the competitive environment”, he stressed.
“There are no other margins with those losses. The state cannot maintain loss-making companies any more and the government must take all necessary measures to save Cyprus Airways”, he concluded.
Speaking within the framework of a press conference and after the announcement of losses of €29 million by CAIR for the first half, EDEK MP and former Communications Minister, Nicos Nicolaides said that on July 8, 2011 – the first meeting at the Presidential Palace – EDEK suggested the finding of a strategic investor.
“Unfortunately, not all the necessary measures have been taken yet and the risk for a bankruptcy scenario for Cyprus Airways is visible. EDEK has emphasized that Cyprus, as an isolated island with high dependence on tourism and other economic activities that require good air transport, must not depend on the foreign airlines only. Therefore, it is important to have a national carrier with satisfactory state stakes”, he said.
“In order for a national carrier to be viable, the strategic alliances with the private sector are necessary. It is very important to find more strategic investments and this can be achieved if we take advantage of the Cyprus Airways advantages in a proper way”, he added.
“At the same time, we have to prepare new business plans so as to make the new company more targeted and competitive. We must keep those itineraries that can be profitable, to reduce drastically the operating cost and to increase productivity so that it deals with the competitive environment”, he stressed.
“There are no other margins with those losses. The state cannot maintain loss-making companies any more and the government must take all necessary measures to save Cyprus Airways”, he concluded.
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