Air Mauritius declares Sept quarter profits
Air Mauritius seems to be getting a much-needed breather as the struggling airlines’ quarterly profit for the three months ended 30 September 2013 was more than four-fold that achieved over the year-ago period. (Image: accommodation.io)
Air Mauritius seems to be getting a much-needed breather as the struggling airlines’ quarterly profit for the three months ended 30 September 2013 was more than four-fold that achieved over the year-ago period.
The consolidated and standalone entity recorded profits of Euro 5 million (Rs 204.6 million) and Euro 4.9 million (Rs 200.6 million) respectively. For the corresponding quarter of last year, the group and the company each had recorded a profit of Euro 1.2 million (Rs 49.1 million) only.
The profit recorded in the second quarter reduced the group and company losses for the half year ended 30 September 2013 to Euro 3.1 million and Euro 3.3 million respectively. For the corresponding period last year, the group and the company had recorded much higher losses at Euro 9.0 million and Euro 9.2 million respectively.
During the quarter, the company continued the realignment of its network with market demand. A direct weekly flight to Beijing was launched in July 2013 in addition to the two weekly direct flights to Shanghai operational since January 2013.
Total passengers carried during the quarter increased by 6.8% to 339,688 as compared to 318,077 passengers carried during the corresponding quarter a year ago. The number of seats offered increased by 4.2% over the period. For the half year, the number of passengers carried went up by 1.4% to reach 618,868 as compared to 610,526 during the half year ended 30 September 2012. Seat capacity increased from 877,145 to 885,384, by 1%.
For the quarter, operating revenue increased from Euro 112.5 million to Euro 118.4 million whereas operating expenses went up marginally by Euro 1.5 million to reach Euro 108.6 million. For the half year, operating revenue of the company went up by Euro 0.4 million to reach Euro 217.4 million whereas operating expenses decreased by around 3% from Euro 215.6 to Euro 209.4 million.
The company said, “The results of the first semester are in line with our expectations. The implementation of the Recovery Plan is impacting positively on the results of the Company. It is expected that the financial performance of the company will further improve in the second semester.”
Commenting on the industry, the company informed that airline performance continued to improve but at a slower pace than expected. The International Air Transport Association (IATA) has recently revised its 2013 global industry outlook downwards from $12.7 billion to $11.7 billion with an expected net margin of 1.6% on account of high oil prices and low travel demand.
Source: Company Website