Air Mauritius reverses losses as profits soar in Oct-Dec
For the nine months to December 31, the group and company recorded profits of Euro 5.7 million (around Rs 233.7 million) and Euro 5.2 million (around Rs 213.2 million) respectively. (Image: Mauritius Tourist Guide)
Air Mauritius reversed its losses, declaring profits of Euro 8.8 million (around Rs 361.15 million) at a group level for the quarter ended December 31, 2013, up 37.5% compared to the year-ago period.
At a company level, Mauritius national carrier’s profits stood at around Rs 352.94 million (Euro 8.6 million), up 41% on the corresponding period in 2012.
The profits recorded in the third quarter have reversed the losses of the first half from April to September 2013, taking the group and the company to profitability.
Accordingly, for the nine months to December 31, the group and company recorded profits of Euro 5.7 million (around Rs 233.7 million) and Euro 5.2 million (around Rs 213.2 million) respectively. For the corresponding period last year, the group and the company had recorded losses of Euro 2.6 million and Euro 3.1 million respectively.
At a company level, the operating revenue went up by Euro 3.8 million to reach Euro 344.2 million (Rs 14.11 billion) whereas operating expenses decreased by Euro 5.5 million to Euro 322.3 million (Rs 13.21 billion).
Shareholder’s funds of the company also improved to Euro 82.4 million (around Rs 3.38 billion) as on December 31, 2013 whereas for the period ended March 31, 2013, the figure amounted to Euro 77.1 million (approximately Rs 3.16 billion).
The resulting net assets per share as at December 31, 2013 were Rs 33.32 compared to Rs 29.94 for March 31, 2013.
The number of passengers carried went up by 2.3% to reach a record level of 991,934 as compared to 969,488 during the nine months ended 31 December 2012, partly spurred on by increase in seat capacity from 1,372,383 to 1,395,325.
In 2013, the airline industry continues to perform well despite high fuel prices. According to International Air Transport Association (IATA) forecasts, a global net profit of USD 12.9 billion representing a margin of 1.8 % is expected from airlines in 2013 compared to a net global profit of USD 7.4 billion for 2012.
Air Mauritius declared in its outlook for 2014 that the implementation of the recovery plan is impacting positively on the results of the company.