4-Feb-2016 9:53 AM
Comair forecasts 2H2015 earnings to fall by up to 70% on currency and oil hedges
Comair (South Africa) released (26-Jan-2016) a trading statement for 2H2015, noting that profits were negatively affected by a translation loss of ZAR91 million (USD5.7 million) (pre-tax) on a dollar denominated long-term loan that was revalued on 31-Dec-02015 at the exchange rate of ZAR15.47 to the US dollar, and by losses of ZAR71 million (USD4.5 million) (pre-tax) on oil hedges, the last of which expired at the end of 2015. Earnings forecast:
- Earnings per share: ZAR0.15 to ZAR0.23 (USD0.0094-0.0144) (between 40% and 60% lower than in the previous corresponding period);
- Headline earnings per share: ZAR0.11 to ZAR0.19 (USD0.0069-0.0119) (between 50% and 70% lower than the p-c-p). [more - original PR]