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Acsa turns loss into profit

Sep 13 2012 07:52 James-Brent Styan

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Cape Town - Airports Company of South Africa (Acsa) released its annual financial results on Wednesday.

The state-owned airports authority reported a profit of R188m for the 12 months to March 31 2012. The company made a loss of R221m in 2011.

Acsa’s revenue was R5.7bn, an increase of 23% on the prior year.

Forty two percent of the revenue was from non-aeronautical sources including parking and rental income from commercial properties it manages.

Bongani Maseko, acting managing director, said the company increased its income sources from other revenue sources.

“It is a strategy going forward to focus on non-aeronautical revenue.”

Maseko said Acsa investments into Brazil was already paying off.

“”We’re now concentrating on the African market where we hope to make some investments. It’s a definite strategy going forward,” Maseko said.

Acsa also has a commercial interest in an airport in India.

Maseko said the increased revenue and profit was on the back of higher tariffs.

“The tariffs have a long history and we warned the market about the sizes of the increases years ago when we were busy with our R16bn capex rollout.

"At the time we warned the market that we’d need to implement big increases to recover our costs. Now we see that happening. In time however the increases will level out,” Maseko said.

 - Fin24

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