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Johannesburg - A 60% rise in fuel costs saw profits at JSE-listed airline company Comair almost halve for the six months to end-December 2008.
Comair's fuel expense increased by 60% to R682m, despite efforts to reduce costs by replacing its old MD-82 aircraft with the 737 aircraft which use 26% less fuel per seat.
Comair bought two small online travel businesses to boost growth while also providing a range of services to other airlines - including flight and passenger training - as part of its outsourcing business.
One of Comair's brands, Kulula.com, launched its travel portal in 2008. It offers a wide range of accommodation and holiday package options.
However, profits still declined by 47% to R32m when compared to the same period in 2007, with earnings per share declining by the same percentage to 7.9 cents.
"The trading environment continues to be the toughest in the history of the industry and we anticipate this to continue throughout the year ahead.
"However, we will continue to rely on the strength of our people and their commitment to world class customer service to see us through," said Comair joint CEO Erik Venter.
- Fin24.com