CAIRO: Egyptair, Egypt’s flagship carrier and one of Africa’s largest airlines, aims to boost full-year profit nearly a third, rebounding from a global economic downturn, an executive said on Sunday.
"We are making a profit," said Hussein Massoud, chairman and chief executive officer of the EgyptAir holding company. "We are planning to see more this year."
The firm aims to make a profit of LE 750 million ($132 million) in the year to June 2011, up from LE 573 million in 2009/10, he said.
EgyptAir, a member of the Star Alliance network, is pressing ahead with plans to expand its fleet, Massoud told reporters on the sidelines of an AVEX international airshow conference.
"We turned the crisis into an opportunity and have advanced our receiving of aircraft," he said, adding the firm has received an Airbus A330 ahead of schedule.
The firm was expecting four Boeing 737-800 aircraft by the end of 2010 and two 777-300 aircraft in November and December.
The firm also said an initial public offering (IPO) was not being planned, but was an option for the future.
"Three to four years ago we thought about an IPO, but now our status is healthy and we are in no need of such things. But no one knows the future," Massoud said.
