Comair returns to profit

Johannesburg - Comair [JSE:COM] shares rose nearly 3% as the South African operator of British Airways flights and no-frills airline Kulula.com returned to first-half profit, helped by cost-cuts, better ticket prices and new fuel-saving planes.

Comair said diluted headline earnings per share totalled 16.4 cents in the six months to end-December compared with 4.9 cents in headline loss per share a year earlier.

"We are particularly proud of the fact that the turnaround in profitability was achieved without the retrenchment of any staff, largely as result of their own commitment towards implementing the changes required to turn the business around," the company said in a statement.

Comair shares were up 2.63% to R1.95 on the JSE in afternoon trade.