Lower passenger numbers due to the depressed economic climate would impact on JSE-listed Comair’s profit in the next six months, the operator of British Airways and low-cost airline kulula.com said on Friday.

In a trading update, it also warned that interim earnings, for the period ended December 31, would be between 45% and 50% lower than a year earlier.

The interim profit had been impacted on by the “exceptionally” high fuel prices in the first quarter of the financial year. However, prices had subsequently declined significantly.

Comair’s share price fell sharply on the news, dropping almost 8% to R1,76 a share by 10:30.

In 2008, the global airline industry registered a $5-billion loss, on the back of high fuel costs in the early part of the year, and a sharp decline in cargo traffic and passenger traffic in the latter part of the year.

The International Air Transport Association had forecast a further loss of $2,5-billion for 2009, and a 3% decline in passenger volumes, and a 5% drop in cargo traffic.

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