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Cyprus Airways sees revenue growth despite cutting routes

Despite the negative impact from geo-political tensions in the Middle East, Cyprus Airways has managed to record revenue growth in November.

During this month the airline carried 41% less passengers and operated 12% less flights than last year. This reduction was however offset by a 21% increase in revenues, 115% increase in average fares and a significant increase in the net income position.

Routes like Dubai, Paris and Milan also performed better and helped the Airline compensate for the loss of traffic.

Citing safety as its top priority and due to the regional tension, the airline said that its operations to both Tel Aviv and Beirut were temporarily suspended. Additionally, the airline’s flights to Yerevan required adjustments in flight paths, leading to extended travel times.

And so this change, it added, coupled with the existing limitations of using Turkish airspace, necessitated a strategic re-evaluation of its route efficiency and competitiveness.

Looking ahead, Cyprus Airways is proactively adapting to the current operational environment. CEO, Paul Sies, said: "Despite the challenging regional circumstances, we're encouraged by the resilience and adaptability of our operations. Not only, our strategic pricing and operational adjustments have led to noteworthy revenue increases. This improvement is partly attributed to our newly implemented AI-driven revenue management system and the introduction of Business Class, both enhancing our service offerings.”

He added, “The situation, while unfortunate, has not deterred our commitment to providing quality service. We're redirecting our resources effectively, including deploying one of our A320 aircraft for exclusive operations with our partner, Aegean, and increasing our charter flight frequencies. Moreover, our recent success in securing several Presidential flight contracts and the upcoming launch of the Larnaca-Brussels route in early February are expected to positively influence our winter performance".

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