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1time airlines parent revenue up 19.2%, profits surge in 2009

25-May-2010 12:08 PM

1time holdings, parent of 1time airlines, revenue up 19.2% – financial/traffic highlights for the 12 months ended 31-Dec-2009:

  • Revenue: USD158.6 million*, +19.2% year-on-year;
    • 1time airlines: USD131.9 million, n/a;
  • Operating costs: USD146.8 million, +10.6%;
  • Operating profit: USD11.8 million, +3,029%;
  • Segment results:
    • Airline: USD19.4 million, +306%;
  • Net profit: USD5.8 million, compared with a loss of USD1.3 million in the previous corresponding period;
  • Passenger numbers: 1.8 million, +12.1%;
  • Load factor: 82%, stable. [more]

*Based on the conversion rate at USD1 = ZAR7.88775

1time holdings: “1time airline performed well growing revenue to ZAR1,040 million on marginally lower yields and a 12% passenger increase. The passenger growth was achieved despite the overall domestic travel market declining by an estimated 7% for the year, leading to further market share gains for the airline…for the airline we expect further revenue growth on expanded capacity and higher passenger volumes for 2010. There is uncertainty as to what impact the FIFA World Cup will have on earnings for the year. Margins in the airline will be largely dependent on the average Rand fuel price achieved for 2010. Hedging is, however, considered and assessed on an ongoing basis,” Company statement. Source: 1time Holdings, 24-May-2010.