Cyprus Airways expects its 2009 results will be worse than in 2008 because of an anticipated decline in passenger numbers, it said Wednesday.

The airline, which is majority state controlled, said it expected a loss in the first six months of 2009, though it would be an improvement on the corresponding period of last year because of a one-off profit from the sale of three aircraft.

"The expected decrease in passenger numbers and yields will affect adversely the company's revenues for the second half of the year, with a consequential negative impact on the overall results of 2009, which are estimated to be lower in comparison to those of 2008," the airline said.

The company made a net profit attributable to shareholders of EUR1.74 million euros (USD$2.48 million) in 2008. In the first half of 2008 it made a loss of EUR7.2 million.

The company's board is due to meet on August 27 to approve the six-month financial results, which will be released the following day, a spokesman said.