New aircraft brings fresh hope for CY

CYPRUS AIRWAYS (CY) will increase its route operation network next year following the acquisition of a leased Airbus A319, executive chairman Kikis Lazarides said yesterday.

Lazarides was speaking at the blessing of the new aircraft, which the CY is leasing as part of a planned partial renewal of its fleet. The new plane, which is two and a half years old will replace a 19-year-old A320.

The problematic A320 is up for sale and there has been a lot of interest, Lazarides said.

“The new plane should start operating on the same routes as our other aircraft before Christmas,” Lazarides said after the ceremony at Larnaca airport to launch the new aircraft, which has been christened ‘Larnaca’.

Lazarides said that Cyprus Airways was looking at the possibility of introducing flights from emerging destinations where there is demand, such as central Europe, Russia and Ukraine.

“We are currently examining possible new routes that will benefit us… this will happen next year,” he said.

Lazarides said that the airline was working closely with the government and the Cyprus Tourism Organisation to ease the effects of the credit crisis faced by the tourism sector.

“If there is interest and demand then of course we will increase our flights,” he said.

“At this moment, our entire flight programme is being scrutinised under the microscope. If we deem that some flights are not profitable then, of course, we will stop them and look at other destinations.”

The 126-seat A319 is on lease to the Cypriot carrier for six years at an undisclosed figure from ILFC.

“Because of the prevailing recession the [leasing] prices now are very, very attractive…almost half what it was a year ago” Lazarides said, adding that the cash-strapped airline did not have enough equity to buy the aircraft.

Cyprus Airways’ fleet now comprises 12 Airbus aircraft with an average age of 12.5 years.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.