Cyprus Airways has scraped a full-year net profit for 2010 of €215,000 ($299,078), thanks to a €20 million compensation payment from the Cypriot Government and the sale of one of its Airbus A320s.
The carrier posted an operating loss for the year of €4.9 million, compared to 2009's operating loss of €5.4 million.
Cyprus Airways in December issued a profit warning for its full-year results, stating that it would suffer losses for the period.
However, the carrier recently secured a €20 million payment from the Cypriot Government to compensate it for an ongoing ban on its flights through Turkish airspace.
Earlier this year, the carrier announced that it intended to lease out one of its two Airbus A330-200s and axe up to 140 jobs in an attempt to reverse losses.
Cyprus Airways reports that its revenues for 2010 decreased by 4.5% year-over-year to €236.2 million, which it attributes to reduced yields.
Source: Air Transport Intelligence news
