EgyptAir Holding Company has suffered losses of 14 billion Egyptian pounds ($1.58 billion) since January 2011, the Chairman Safwat Moslem revealed yesterday.
In spite of the difficulties the company is facing, it is keen to renovate its fleet of aircrafts, he said.
Egypt’s tourism industry has suffered greatly since the revolution which ousted Hosni Mubarak in 2011. It began to recover but was thrown off course once again when a Russian plane was downed in Sinai in late 2015.
The country’s Minister of Civil Aviation Sharif Fathi said the company made losses of 800 million Egyptian pounds ($90 million) after the Russian plane crash.
EgyptAir possesses a fleet of 79 aircrafts and employs about 4,000 employees.