CAIRO: State carrier EgyptAir, 20 percent of which the government is preparing to sell, made a profit of LE 431 million ($75.2 million) last financial year, the chairman of the company said on Friday. Atef Abdel Hamid, chairman of EgyptAir Holding Company, said the sale of the 20 percent stake would not take place until after a study which will take six months to complete. The aim is not to privatize the company but to increase the company s capital and help it expand its fleet, Abdel Hamid told reporters. The share offer could be divided into allocations for employees, retail investors and specialist companies, he added. Civil Aviation Minister Ahmed Shafiq said last month the remaining 80 percent of EgyptAir would stay in government hands to ensure loans for new planes still have state backing. EgyptAir Holding Company has several subsidiaries, including the national carrier and associated aviation service companies. EgyptAir said in December it was planning to buy 12 new passenger planes to increase its fleet to 64 by 2010 and was studying ways to finance the purchase. EgyptAir s financial year starts on July 1. Reuters
