CAIRO (Reuters) - Egyptair, Egypt's flag carrier and one of Africa's largest airlines, aims to boost full-year profit by nearly a third as it rebounds from the global economic downturn, a senior 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 750 million Egyptian pounds in the year to June 2011, up from 573 million pounds 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 a press conference to announce plans for an international airshow in Egypt.
"We turned the crisis into an opportunity and have advanced our receiving of aircraft," he said, adding the firm has received an Airbus A330 one year 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.
Egyptair recently started flights to Dar es Salaam in Tanzania and Abuja in Nigeria and plans to add more destinations and more frequent services in Africa.
Asked whether the company planned to set up a new operation to face up to new, low-cost rivals, he said: "There may be some planning but there is no project for now. We are thinking what is the solution for facing low cost carriers".
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