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14-Feb-2018 3:18 PM

Comair 'very pleased' with 2H2017 performance

Comair (South Africa) CEO Erik Venter said (13-Feb-2018) the airline is "very pleased" with its performance in 2H2017, recording a ZAR4 million (USD335,000) year-on-year increase in profit after tax to ZAR203 million (USD17 million). Mr Venter said the carrier's fleet renewal plan makes it more competitive than airlines operating older, less fuel efficient aircraft. The next phase of the strategy will commence with the delivery of the first of eight Boeing 737 MAX 8 aircraft in 2019. Mr Venter also reported "vigorous expansion" of Comair's non airline businesses, including catering, lounges, training and travel booking, which contributed 13% to group profit and operations. Mr Venter said the results were "achieved despite a volatile economy and surplus capacity which restricts occupancy levels below international standards" and added: "Despite a lack of growth in the economy and the GDP, we saw a 6% growth in both revenue and passenger volumes". He concluded: "Comair is well-placed to operate in such conditions, with strong brands, committed staff, modern, effective equipment, an efficient cost-base and strong cash reserves". [more - original PR]

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