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Fuel costs, low demand push 1time into loss

Sep 05 2011 18:19
I-Net Bridge
Johannesburg - 1time Holdings (JSE:1TM) on Monday posted an 8.3 cents headline loss per share for the six months ended June, from 7.0 cents headline earnings per share in the previous comparable period.

Hit by high fuel prices, increased airport charges and poor passenger demand during May and June, the airline incurred a R35.5m operating loss in the period under review from R28.6m profit a year ago.

Passenger demand numbers were down 6% resulting from "abnormally" poor numbers in May and June, which was only partly offset by a 5% yield growth.

1time said airport charges increased by 24%, which resulted in a 12 million rand increase in airport costs, while average rand fuel prices increased by 28% for the period, increasing fuel costs by R56.5m.

The company said total balance sheet debt had reduced and net working capital improved by R61m since the beginning of the year following the Safair Technical debt-restructuring transaction in February and the black economic empowerment-funding transaction completed in March.

Cash generated from operations reduced to R4m compared to R46.3m a year ago.

1time  |  airline industry  |  acsa


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