BUSINESS

Cyprus Air to sell 2 Airbus A319s to GECAS

Cyprus Airways Ltd, the island country?s state-controlled carrier, said on Monday it signed a letter of intent to sell two Airbus A319 planes to GECAS Asset Management Services Inc for a total of $30.5 million.

A sales and purchase agreement for the two short-to-medium-range aircraft with GECAS, a unit of GE Capital, will be signed when final terms are concluded and approved by the airline?s board, the Nicosia-based carrier said in a filing to the Cyprus Stock Exchange.

Cyprus Airways said on February 29 it had a pretax loss of 18.8 million euros in 2011, widening from a loss of 3 million euros a year earlier.

[Bloomberg]

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