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Johannesburg - The airline 1time (1TM) said on Thursday that despite achieving an operating profit, it will suffer a loss of between R9m to R11m for the twelve months ended 31 December 2008.
While its loss for the year will be between 4.3c and 5.2c, ot will deliver headline earnings of between R0.5m and R1.5m for the year.
The airline said that the expected decrease should be viewed in context of the most turbulent year in global aviation history. The decrease is largely attributed to the 65% increase in average rand jet fuel prices compared to the same period last year, increasing fuel cost by R230m.
"The dramatic weakening of the rand in the last quarter of 2008 and a R10.8m impairment loss on the four DC'9 aircraft held for sale also contributed to the expected decrease. The increased fuel costs were partially recouped by 1time airline's exceptional revenue performance, increasing group revenue by 56% on the back of higher yields and an 18% passenger growth achieved in a contracting market.
"Group revenue for 2008 managed to break the R1bn level.
Despite the difficult trading conditions, the group performed well to generate positive cash flows in excess of R76m from operations," the airline added.
1time's annual results are expected to be published by the end
of March 2009.
- I-Net Bridge