JSE-listed Comair on Wednesday said it expects a 20% hike in earnings for the six months to December 31, 2016.
The group, which is currently finalising its interim results, had reported a substantial decrease in earnings a share to 18c and headline earnings a share to 13.1c during the preceding half-year in 2015.
The double-digit clawback expected in the first half of the new financial year has been attributed to the strengthening of the rand against the US dollar, which had resulted in the reversal of unrealised translation losses on the dollar-denominated aircraft loan amounting to R98-million.
In addition, all lossmaking open oil hedges had matured by December 31, 2015, and no further hedges were entered into.