CAIR: Final results 2004
19/5/2005 10:45
With reference to a CSE letter dated May 10, 2005, we attach the audited consolidated financial statements of Cyprus Airways for the year ended December 31, 2004, which have been approved by the Board of Directors at the meeting held on May 17, 2005.
The loss for the year stands at £39.4 million against £33.5 million in the indicative results announced on February 25, 2005.
This differentiation is mostly attributable to the provision for loss of depreciation concerning the investment of £3.6 million of the other shareholders of Hellas Jet, which Cyprus Airways must undertake as well as the write-off of assets concerning the taxation of Hellas Jet which is still doubtful whether it can be regained.
Copies will be available at the Company’s registered office, 21 Alkaiou, 2nd floor, Engomi, Nicosia from May 18, 2005 and until their dispatch to the shareholders to be carried out soon in view of the Annual General Meeting to take place by June 29, 2005.
The loss for the year stands at £39.4 million against £33.5 million in the indicative results announced on February 25, 2005.
This differentiation is mostly attributable to the provision for loss of depreciation concerning the investment of £3.6 million of the other shareholders of Hellas Jet, which Cyprus Airways must undertake as well as the write-off of assets concerning the taxation of Hellas Jet which is still doubtful whether it can be regained.
Copies will be available at the Company’s registered office, 21 Alkaiou, 2nd floor, Engomi, Nicosia from May 18, 2005 and until their dispatch to the shareholders to be carried out soon in view of the Annual General Meeting to take place by June 29, 2005.
