Shares in South Africa's 1Time Holdings plummeted 16.7% yesterday. The carrier's shares hit their lowest point since Jul-2009.
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