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
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.
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