Lonrho (-4%) declined on Tuesday (11-May-2010) following the release of its interim results for the six months ended 31-Mar-2010 after reporting a loss before tax of GBP1.5 million compared with a profit of GBP0.6 million for the same period in 2009. However, Lonrho’s trading profits showed an improvement of GBP0.8 million and its share price also rose by 55.5% in the six-month period since the beginning of the financial year.
On the plus side, Lonrho stated its turnover from operations for the first six months to 31-Mar-2010 increased 23.5% on a comparable currency basis to reach GBP47.3 million.
In other African news, Comair rapidly declined by 10.2% reflecting a decline in the Johannesburg Stock Exchange (-0.53%) while Kenya Airways (0%) remained stable and 1time rose by 1.8%.
Meanwhile, Kuwait Airways (+3.9%) gained following comments from the Kuwait Investment Authority (KIA) Managing Director, Bader M Al-Sa'ad, stating (11-May-2010) it is important for the Kuwait Government to identify the right partner for Kuwait Airways during its privatisation process, as it will be the key to improving the company's performance and bringing a balance to the market.
The Centre for Asia Pacific Aviation (CAPA) has launched a unique new strategic business information service covering one of the world’s most exciting emerging aviation markets. Middle East-Africa Airline Daily is an efficient morning briefing on airline developments from both regions. Covering fleets, routes, financials, traffic, bilateral agreements, alliances, financing, ownership, along with analysis of all significant developments, it is your one-stop shop to aviation news from Africa and the Middle East – and best of all it’s free for a limited time. Sign-up today!
Selected African and Middle Eastern airlines share price movements (% change): 11-May-2010
Want more analysis like this? CAPA Membership gives you access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find out more and take a free trial.