Air Mauritius reports turnaround in FY2016, notes intensifying competition

Air Mauritius revenue up 5% - financial highlights for 12 months ended 31-Mar-2016:

• Revenue: EUR490.8 million, +5.4% year-on-year;
• Operating costs: EUR473.2 million, -2.0%;
• Operating profit: EUR17.6 million, compared to a loss of EUR17.1 million in p-c-p;
• Net profit: EUR16.5 million, compared to a loss of EUR23.6 million in p-c-p;
• Passenger numbers: 1.5 million, +9.4%;
• Passenger load factor: 78.7%, +5.0 ppts;
• Total assets: EUR340.4 million;
• Cash and short-term deposits: EUR50.1 million;
• Total liabilities: EUR260.6 million. [more - original PR]

Air Mauritius: "An intensification of competition across its network is being witnessed by the Company as the result of further air access granted to new sixth freedom carriers, low cost and seasonal charter carriers. This is resulting to an oversupply of seat/cargo capacity in an already price sensitive market entailing further yield dilution." Source: Company statement, 13-Jun-2016.