Air Mauritius negatively impacted by currency depreciation and competition in 4Q2014

Air Mauritius attributed (13-Feb-2015) losses in 4Q2014 mainly to depreciation of the euro and reduced revenue due to greater competition. The airline reported the net negative impact of depreciation of the euro was EUR8.2 million year-on-year. Operations to mainland China did not yield the expected results with a drop in load factor from 78.6% on three weekly frequencies in 4Q2013 to 52.6% on five weekly frequencies in 4Q2014. Currency depreciation also impacted results for the nine months ended Dec-2014, with a net negative impact of EUR18.5 million. The carrier expects to benefit from recent reductions in fuel prices, offset by continued depreciation of the euro since Dec-2014. The airline implemented various initiatives to increase traffic in response to competition and reinforced its monitoring of costs. [more - original PR]