1Time Holdings shares down 17%
Shares in South Africa's 1Time Holdings plummeted 16.7% yesterday. The carrier's shares hit their lowest point since Jul-2009.
- Shares in South Africa's 1Time Holdings dropped 16.7%, reaching their lowest point since July 2009.
- The carrier reported a significant decline in profit for 2010, leading to senior executives selling over 254,000 shares.
- Competition in the South African aviation market is intensifying, with the recent launch of LCC Velvet Sky and other airlines pursuing aggressive development strategies.
- South African Airlines announced plans to expand its African services, including new routes to Nigeria, Madagascar, the Republic of Congo, and Burundi.
- The decline in 1Time Holdings' shares reflects the challenging market conditions and increased competition in the region.
- The article includes selected daily share price movements for MEAAD (Middle East, Africa, and Asia Pacific) airlines on May 31, 2011.
Since the carrier reported a 97% drop in profit to SAR1.16 million rand (USD168,000) for 2010, senior executives at the airline have sold more than 254,000 shares.
Competition is increasingly stiff in South Africa with the launch of a new LCC, Velvet Sky, in Mar-2011 and South African Airlines, South African Express, Mango, kulula and Comair (a British Airways franchisee) all pursuing aggressive development strategies. South African Airlines announced at the beginning of the week that it is expanding its African expansion plans and will introduce new services to Nigeria, Madagascar, the Republic of Congo and Burundi.
Selected MEAAD daily share price movements (% change): 31-May-2011
