55 percent fall in 2011 profits

Mohammed el-Hout Beirut – Riyadh Shooman The Chairman  of the Lebanese Middle East airlines (MEA), Mohammed el-Hout, announced  that the company\'s operating profit has decreased to  55.5 percent in 2011, to reach $ 40 million, due to a rise in oil prices, an increase in staff salaries in addition to declining revenues. El-Hout, said in a press interview :\"high oil prices, an increase in staff salaries, and low yield due to lower prices of tickets are factors which have led to a lower operating profit, from $ 90 million in 2010, to $ 40 million in 2011.\" The MEA chairman stressed: \"the company recorded, in the first four months of 2012, an increase of 20 percent in the number of passengers, and has been able to compensate to some extent the additional cost.” He added: “the results will be positive this year, the company will gain profit as long as there is political and security stability in Lebanon. If this stability continues, we expect that we can increase costs and maintain a good level.\" El-Hout noted, in the interview, that during the first 4 months of the year, the company reported a marked increase in the number of Gulf tourists coming to Lebanon. On the other hand, Middle East airlines laid last Tuesday, under the auspices of the minister of public works and transport, Ghazi Aridi, the foundation stone of an air freight centre funded by the Mediterranean Bank, and implemented by the \"Khatib and Alami\" company. Aridi, also sponsored an understanding memorandum for technical cooperation between the directorate general of civil aviation of France, and the Lebanese civil aviation in safety centres of the airport. The Memo, aims to encourage the development of standards and applications, recommended by the international civil aviation organisation (ICAO), to identify cooperation between the Lebanese and French teams in the various fields. It will be valid for four years.