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Comair revenue up 24% in 2H2010

South Africa's Comair reported revenue increased 24.1% year-on-year to USD239.5 million over the second half of 2010. Operating profit at the company, which operates kulula and flights on behalf of British Airways in South Africa, reported operating profit before depreciation rose 26.3% to USD20.3 million.

Comair stated its positive result was achieved despite a 30-40% increase in tariffs from state-owned service providers to the industry. Capacity increased 26%, through increased fleet utilisation and the introduction of three B737-800s. The carrier made USD15.0 million in deposits for the delivery of new aircraft from 2012.

Shares in Comair were down 1.7%, as shares in Middle East and African listed carriers finished Tuesday lower. The exception was Sharjah-based Air Arabia, which rose 0.5%.

Selected MEAAD daily share price movements (% change): 15-Feb-2011