Comair turnaround gains traction
JSE-listed aviation company Comair has boosted its profit after tax to R79.1-million for the six months to December 2012, after reporting a loss of R34-million in the corresponding six-month period in the prior year.
Comair generated revenue of R2.4-billion in the period under review – a 20% jump from the R2.05-billion recorded in the first half of the 2012 financial year.
The JSE-listed group attributed the rise in revenue to the addition of four new Boeing 737-800s, which combined fuel efficiency with increased revenue per flight, a fuel surcharge on British Airways tickets and a new inventory management system that improved Kulula’s pricing capability and revenue integrity processes.
Cost saving initiatives, such as in-house catering, resulted in earnings and headline earnings a share increasing to 16.4c in the six months to December 2012, after a loss of 7.1c and headline loss of 4.9c during the corresponding period the year before.
The group remained cautiously optimistic of further improvements to profitability and cash generation in the second half of the 2013 financial year as it optimised its new enterprise-wide information technology platform and the new fleet – which would provide improved revenue and operating efficiency – over the next few years.
Further, Comair expected to start flights from Johannesburg to East London on the Kulula brand on March 1, followed by flights from Johannesburg to Maputo on the British Airways brand from May 2013.
Comair declared an interim dividend of 5c a share.
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