1time reports passenger growth

Johannesburg - 1time Holdings (1TM) on Wednesday said 1time Airline had achieved improved operating margins for the six months ended June 30, compared with the previous year based on lower fuel prices and higher revenues.

"Passenger volumes and yields have shown good growth despite the generally tough trading environment," the group said.

1time Airline said it had successfully launched its first self-service check-in counters at OR Tambo International Airport, to be rolled out at other major national airports over the next few weeks.

1time Airline added that it had entered into a zero cost collar to hedge approximately 30% of its fuel requirements for the three months August 2009 to October 2009 at current oil levels and a fixed rand/dollar rate.

1time Holdings also reported that its wholly owned subsidiary Aeronexus Technical had been successfully merged with Safair Technical, in which 1time has a 72% interest, with effect from April 1.

Grant Wishart has been appointed as non-executive director to the board of directors at 1time Holdings with effect from today.

"The board of 1time would like to welcome him to the board and is looking forward to a long and valued working relationship," the group said.

- I-Net Bridge