Based on the results that presented Cyprus Airways the company posted a CYP£ 20.9 million net  loss for 2003. The revenue of the Group was CYP£ 187,7 million and the operating expenses amounted at CYP£ 223,8 million. The Group’s revenue has increased as a result of the inclusion for the first time of Hellas Jet’s revenue, which was £10,1 million for 2003. Excluding the revenue of Hellas Jet, the revenue of the other companies of the Group decreased by £7,9 million in 2003 in comparison to 2002.

Despite the losses of 2003 the Balance Sheet of Cyprus Airways remains strong since the net debt in comparison to own capital remains at low levels and the Company’s liquidity is satisfactory.

Cyprus Airways expects in 2004 to bring new challenges for the Group which will create pressure on its profitability with the forthcoming liberalisation of air transport, with the accession of Cyprus to the European Union on 1 May 2004.