Cyprus Airways sells A320 to Myanmar Airways International

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Cyprus Airways has sold one of its Airbus A320s to Myanmar Airways International for $6 million in cash.

The 1992-built aircraft, MSN 295, is powered by International Aero Engines V2500s.

Cabot Aviation arranged the transaction on behalf of Cyprus Airways.

Cypus Airways says the sale will result in an accounting profit of €1.6 million and will provide "a significant benefit in improving its liquidity and its capital base".

The Cypriot carrier is undergoing a gradual fleet replacement and has already sold several of its older A320s. It is also undergoing a restructuring plan aimed at ensuring its survival, and recently announced its intention to lease out one of its two Airbus A330-200s.

The airline has postponed the release of its financial results, which will now be published on 8 March.