Kenya Airways staff joined by Allied Workers Union for strike; Comair finalises financial results


Kenya Aviation and Allied Workers Union stated it will join the strike called by Kenya Airways (-4.1%) staff on 07-Sep-2010, over alleged non-implementation of the Aug-2009 return to work formula that ended a three-day strike. The 3500 unionised workers of the carrier went back to work after being promised a 20% increase in salaries among other benefits. According to the union not all of the agreements have been honoured by Kenya Airways management.

Comair (+2.4%) shares were the only African shares to rise on Tuesday (31-Aug-2010). On the same day the carrier announced it is finalising its results for the year ended 30-Jun-2010. A review of the financial results by management has indicated that earnings per share and headline earnings per share are expected to be approximately ZAR 22.00 cents per share. This represents an increase of 21% in earnings per share, and an increase of 12% in headline earnings per share compared with the previous year. The results are expected to be released by 15-Sep-2010.

See related CAPA profile: Financial results

Middle East shares stayed relatively stable with Air Arabia (-0.5%) down slightly while Kuwait National Airways, Royal Jordanian and Jazeera remained steady.

Selected African and Middle Eastern airlines share price movements (% change): 31-Aug-2010

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