• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

Loading...
See More

Comair suffers major loss

Sep 11 2012 14:32 I-Net Bridge

Related Articles

Comair profits take off

Novick quits Comair in surprise move

Comair announces weak quarter

Comair announces flight changes

Airlines push to allow cell use

Comair reports loss, shares down

 
Johannesburg - Comair Limited [JSE:COM] on Tuesday reported a 76.10% drop in diluted headline earnings per share for the year ended June 2012 to 3.8 cents from the 15.9 cents recorded in the previous year.

“The past year has been the toughest financial period in Comair’s history and no different from that experienced by the global aviation industry. The sustained high fuel price and weak global economy created pressure from which few airlines could escape unscathed‚ as evidenced by the failure of such notable carriers as Malev (in Hungary)‚ Spanair and Air Australia‚ and the filing for Chapter 11 protection by American Airlines‚” Comair said in a JSE Sens statement.

Its revenue increased to R4.1bn from R3.5bn with operating expenses rising from R3.3bn to R3.9bn.

“Revenue grew by 16% as a result of sustained product excellence and value proposition‚ and despite continued pricing competition. This year saw the highest ever average jet fuel price‚ being 29% higher than the average for the prior year‚ and 50% higher than that of 2010‚” it said.

Diluted earnings per share for the period under review dropped 89.93% to 1.6 cents.

“The past year has been one of inward focus and addressing the fundamentals in order to ensure sustainability in an environment of higher operating costs‚” it said.

“The coming year will continue to target these issues‚ with the delivery of the new aircraft and ongoing implementation of Sabre systems functionality‚ and related process changes. As much as these efforts address internal efficiencies‚ they will also provide a better customer proposition‚ reduced environmental impact and a strong platform for future growth‚” Comair said.

The group did not declare a dividend.

Comair Limited is the owner of Kulula Airlines and has a licence to fly flights under the British Airways brand in SA.


* Follow Fin24 on TwitterFacebookGoogle+ and Pinterest

 
comair  |  airlines

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

Top 10 richest musicians of all time

Check out the gallery to find out who they are!

 
 

Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote

Loading...