Comair reports 12% drop in revenue for six months ended Dec-2009

Comair reports the following financial highlights for the 6 months ended Dec-2009 (ABN Digital, 16-Feb-2010):

• Revenue: ZAR1415.7 million, -11.9% year-on-year;
• Operating costs: ZAR1361.8 million, -12.3%;
• Profit from operations: ZAR53.9 million, -0.6%;
• Profit before tax: ZAR43.4 million, +3.5%.

Comair: "Passenger volumes remained constant in a declining market while turnover declined due to lower ticket prices on the back of a lower fuel cost. Cash on hand remained strong at R253 million. We continued to see the benefit of our cost saving initiatives throughout the Company…There are no clear indications of economic recovery in the local market for air travel, although we do expect the South African Market to follow the first signs of recovery seen overseas," Erik Venter, Joint CEO. Source: ABN Digital, 16-Feb-2010.