Airline performance continued to improve but at a slower pace than expected. The International Air Transport Association (IATA) has recently revised its 2013 global industry outlook downwards from USD 12.7 billion to USD 11.7 billion with an expected net margin of 1.6% on account of high oil prices and low travel demand.
12-Nov-2013 3:47 PM
Air Mauritius: Interim financial statement as at 30-Sep-2013
Direct News Source
Air Mauritius: Interim financial statement as at 30-Sep-2013
Nov-2013
Air Mauritius posts Profits for the Quarter ended 30 September 2013
For the quarter ended 30 September 2013, the Group and the Company recorded profits of Eur 5 million and Eur 4.9 million respectively. For the corresponding quarter of last year, the Group and the Company each recorded a profit of Eur 1.2 million.
During the quarter, the Company continued the realignment of its network with market demand. A direct weekly flight to Beijing was launched in July 2013 in addition to the two weekly direct flights to Shanghai in operation since January 2013.
Total passengers carried during the quarter increased by 6.8% to 339,688 as compared to 318,077 passengers carried during the quarter ended 30 September 2012. The number of seats offered increased by 4.2% over the period. Operating revenue increased from Eur 112.5 million to Eur 118.4 million whereas operating expenses went up marginally by Eur 1.5 million to reach Eur 108.6 million.
Air Mauritius Group and Company results for the half year ended 30 September 2013
The profit recorded in the second quarter reduced the Group and the Company losses for the half year ended 30 September 2013 to Eur 3.1 million and Eur 3.3 million respectively. For the corresponding period last year, the Group and the Company had recorded losses of Eur 9.0 million and Eur 9.2 million respectively.
The number of passengers carried went up by 1.4% to reach 618,868 as compared to 610,526 during the half year ended 30 September 2012. Seat capacity increased from 877,145 to 885,384
Operating revenue of the Company went up by Eur 0.4 million to reach Eur 217.4 million whereas operating expenses decreased by Eur 6.2 million from Eur 215.6 to Eur 209.4 million.
Shareholders' Funds
In spite of the positive result for the second quarter, losses brought forward from the first quarter reduced the total Shareholders' Funds for the Company from Eur 77.1 million as at 31 March 2013 to Eur 73.5 million as at 30 September 2013. The resulting net assets per share as at 30 September 2013 is Eur 0.72 (Rs 29.52) as compared to Eur 0.75 (Rs 29.94) as at 31 March 2013.
Outlook
The results of the first semester are in line with our expectations. The implementation of the Recovery Plan is impacting positively on the results of the Company. It is expected that the financial performance of the company will further improve in the second semester.
Refer to full documentation in attachments box, located at the top left, below the headline.