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FINANCIAL NEWS
Lebanon’s MEA posts USD40m profit in 2011
09 May 2012
(MENAFN) Lebanon-based flag carrier Middle East Airlines (MEA), posted a 44 percent decline in profit in 2011 on higher fuel prices, the Daily Star reported.
MEA said that it made USD40 million net profit last year, down from USD90 million recorded in 2010.
Chairman Mohamad el-Hout said that the airline struggled from an increase in fuel prices and the increase in the cost of employee salaries, in addition to the political instability in the region.
Hout said that MEA saw a 20 percent rise passengers traffic in the first four months of 2012.
MEA, owned by the Central Bank, which was bailed out in 1996, has a fleet of 16 Airbus SAS planes and flies to more than 38 destinations.
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