Air Mauritius reports fourfold increase in profits

Air Mauritius announced profits in its third fiscal quarter rose to EUR12.5 million, compared with EUR3.2 million in the previous corresponding period, as passenger and cargo traffic achieved double-digit growth. Shares in the company rose 3.2% in trading yesterday.

Passenger traffic at the carrier was up 15.4% year-on-year, while cargo traffic increased 10.2%. With the return in traffic revenue rose 23%, to EUR125 million in the quarter. Air Mauritius is reporting a strong outlook for the fourth quarter, although oil prices remain a concern.

Shares in 1time Holdings surged 6.1%. Comair, a key competitor in the South African market, announced plans to integrate turboprops into its operations, to be used on short-haul international routes from Johannesburg Lanseria.

Selected African and Middle Eastern airlines’ share price movements: (% change): 10-Feb-2011