Air Mauritius Ltd incurs € 9.7 mn in losses for quarter to 30 June15
Mauritius’ national airlines, Air Mauritius Ltd, has incurred losses of € 9.7 million for the quarter ended 30 June 2015 even though revenue inched up by 2.1% to reach € 107.1 million due to the effect of the low tourist season, coupled with higher expenses level.
Mauritius national airline, Air Mauritius Ltd, has posted losses of € 9.7 million for the quarter ended 30 June 2015 even though revenue inched up by 2.1% to reach € 107.1 million.
However, higher level of operating and administrative expenses dampened profits level, mainly on account of a weaker Euro.
On the positive side, finance revenue amounted to € 1.3 million and finance costs dipped to € 0.4 million from € 1.1 million in 2014 and these two components helped to offset a part of the significant operating loss of € 10.5 million.
Total passengers carried during the quarter increased by 5.5% to 315,098 as compared to 298,624 passengers carried during the quarter ended 30 June 2014.
The number of seats offered increased by 3.0% and the Passenger Load Factor increased from 72.1% to 75.1%. The operating revenue increased by 2.1% from € 104.3 million to € 106.5 million whereas the operating expenses increased by 6.1% to reach € 109.8 million mainly on account of a weaker Euro.
The results for the quarter under review have been impacted by the depreciation of the Euro, when compared to the same period last year. The average EUR/USD rate for the quarter under review stood at 1.11 as compared to 1.37 for the quarter April ’14-June ’14.
Total Shareholders’ Funds for the company decreased from € 42.9 million as at 31 March 2015 to € 40.8 million as at 30 June 2015.
The resulting net asset per share as at 30 June 2015 was € 0.40 (Rs 15.73) as compared to € 0.42 (Rs 16.48) as at 31 March 2015. The drop in the Shareholders’ Funds is mainly attributable to the loss for the period which has been partly mitigated by a positive movement in cash flow hedges.
The company is taking various initiatives to boost traffic on its network and to reduce its cost base, which are starting to yield some positive results. In spite of the challenging environment and fiercer competition in our major markets, the company is committed to improve its financial performance for this year.