Air Mauritius releases 1QFY2017 financial highlights
11-Aug-2016
For the quarter ended 30 June 2016, the Group and the Company recorded profits of Eur 2.1 million and Eur 2.0 million respectively as compared to losses of Eur 9.7 million and Eur 9.8 million respectively for the same period last year.
Total passengers carried during the quarter increased by 9.0% to 343,473 as compared to 315,098 passengers carried during the quarter ended 30 June 2015. The number of seats offered increased by 7.2% and the Passenger Load Factor increased from 75.1% to 77.2%. However, the passenger yield witnessed a drop of 5.6%. The operating revenue of the Company increased by 2.7% from Eur 106.5 million to Eur 109.4 million.
The Brent oil price which averaged USD 61/BL during the quarter Apr15-Jun15, dropped to an average of USD 44/BL for the quarter under review. The fuel hedge payout also reduced from Eur 7.6 million in the quarter ended 30 June 2015 to Eur 1.8 million for the first quarter of 2016/17. The operating expenses decreased by 10.2% from Eur 109.8 million to Eur 98.5 million mainly on account of lower fuel cost. A provision of Eur 2.5 million in respect of the Voluntary Early Retirement Package for the financial year has been fully accounted for under the Administrative expenses in this first quarter of 2016/17.
The Company pursued its growth strategy by extending its African network to include Maputo and Dar-es-Salaam as from May 2016.
Total Shareholders' Funds for the Company increased from Eur 82.5 million as at 31 March 2016 to Eur 88.6 million as at 30 June 2016.
As a result, the net assets per share increased from Eur 0.81 (Rs 32.37) as at 31 March 2016 to Eur 0.87 (Rs 34.58) as at 30 June 2016.
In order to further improve connectivity between Africa and Asia, the Company has started once weekly direct operations to Guangzhou as from July 2016. Moreover, a third ATR72-500 has joined the fleet in July 2016 to further enhance the services to Rodrigues and Reunion.
The Company is taking various initiatives to boost traffic on its network and exploring all opportunities to further reduce its cost base. In spite of the challenging environment and fiercer competition in our major markets, the Company is committed to further improve its financial performance for this year.
Refer to full documentation in attachments box, located at the top left, below the headline.
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