12-Sep-2012 12:47 PM

Comair announces revenue growth for FY2011/12

Comair announced (11-Sep-2012) revenue growth of 16% to ZAR4.16 billion (USD510 million) and headline profit of ZAR18 million (USD2.2 million) in FY2011/12. The airline attributed the growth to "sustained focus on product excellence, and an increase in ticket prices driven by pressure on operating costs." The airline also said seat occupancy was strong during the period. The carrier highlighted cost saving measures including opening in-house catering units and a freeze on salary and headcount increases. The airline said operating expenses increased 20% to ZAR3.97 billion (USD487 million) due to high fuel costs and other expenses increased due to Airports Company South Africa (ACSA) tariffs and weaker Rand. Comair CEO Erik Venter said, "we remain confident that our focus on safety, customer service and efficiency has built a sustainable foundation that will allow us to take advantage of growth opportunities as they arise. Against this background we anticipate that our financial performance in the coming year will be an improvement on the results of the past challenging year." [more - original PR]

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