Royal Jordanian reports 13.9% year-on-year rise in revenue; Lonrho to launch Angolan hub

Royal Jordanian's shares remained stable on Thursday (29-Jul-2010). On the same day, the carrier released its financial/traffic highlights for the 12 months ended Jun-2010 with a 13.9% year-on-year rise in revenue to USD441.8 million and a net loss of USD10.2 million, compared to a net profit of USD10.9 million in the previous corresponding period.

See related CAPA profile: Financial results

Lonrho (-6.3%), parent company of Fly540, reported its financial highlights in the three months ended Jun-2010, the company's traditionally weakest quarter, with overall revenue of GBP26.8 million, a 44.6% year-on-year increase, while its Fly540 subsidiary reported GBP4.8 million in revenue, a 23% year-on-year rise.

Fly540 also announced its first flight from its Angolan hub is scheduled for 15-Aug-2010. The company commented: "Whilst being delayed from the company's planned start date, this flight will represent a step change in the trajectory of the Fly540 network into a domestic and regional market that is seeing an economic boom and is chronically underserviced presently.”

African shares were mixed, with Comair (-2%) down while Kenya Airways (+0.6%) and 1time (+3.9%) rose slightly.

Selected African and Middle Eastern airlines share price movements (% change): 29-Jul-2010