Lonrho Group revenue up 21% in Dec-2010 quarter

Lonrho Group revenue up 21% - financial highlights for the three months ended 31-Dec-2010:

• Revenue: GBP27.6 million, +21.3% year-on-year;
  • Transport: GBP4.6 million, -11.7%;
• Gross profit: GBP6.8 million, +32.0%;
  • Transport: GBP137,000, -74.6%;
• EBITDA: GBP1.4 million, compared to a loss of GBP1.2 million in p-c-p;
• Net assets: GBP124.5 million, -2.5% when compared with period ended 30-Sep-2010;
• Cash: GBP34.3 million, n/a;
• Market capitalisation: +63.6% when compared with period ended 30-Sep-2010. [more]

The group stated its Fly540 Angola subsidiary, in which it has a 60% shareholding, has received its air operator's certificate and ICAO registration and will commence generating revenues from 2QFY2011.

Lonrho: "Fly540 Kenya has seen good passenger growth in the quarter. Passenger numbers have increased through the period with over 25,000 passengers flown in December, the quarter showing a 14% increase compared to the same quarter in the prior year. Pricing on some routes was very competitive in December, but the growth in passenger numbers places the company in a strong market position as pricing levels return to normality in 2011. December volumes reached a level where it became necessary to wet lease third party aircraft in order to meet demand and the airline now expects to fly its millionth customer early in 2011," Company statement. Source: Lonrho, 03-Feb-2011.