Comair expects boost due to rand

Johannesburg - Comair [JSE:COM] has advised shareholders that for the six months ended 31 December 2016, earnings per share is expected to be between 125% and 145% higher than that for the six months ended 31 December 2015 at between 40 and 44 cents per share.

Headline earnings per share is expected to be between 213% and 233% higher than that for the comparative period at between 41 and 44 cents - comparative period earnings per share of 18 cents and headline earnings per share of 13.1 cents per share.

As previously disclosed in a trading statement earlier in January, the expected increase is primarily due to the strengthening of the rand against the dollar, resulting in the reversal of unrealised translation losses on the dollar denominated aircraft loan amounting to R98m.

Furthermore all loss making open oil hedges had matured by 31 December 2015 and no further hedges were entered into.

The financial information on which this trading statement is based has not been reviewed and reported on by Comair's external auditors. The results for the six months ended 31 December 2016 are expected to be released on Sens on or about 14 February 2017.