1time expects improved earnings, shares surge

28th March 2008 By: Olivia Soraya Spadavecchia

Low-cost carrier 1time said on Friday that it expected its headline earnings a share for the 2007 financial year to improve by between 65% and 85% over that of the corresponding period.

The JSE-listed company's share price gained almost 15% on the news, trading at a R0,81 a share by 14:00.

The no-frills airline also announced the appointment of Tania Muradzikwa as nonexecutive director on the company's board, with immediate effect.

1time, which debuted on the AltX in August last year, has been in discussions with Safair for the acquisition of a 60% stake in Naturelink Aviation.

Safair, a subsidiary of the Imperial group, announced in November that it was selling Naturelink, a general aviation subsidiary of Safair.