Mango reports profitability in FY2010, increases market share
Mango CEO, Nico Bezuidenhout, stated the carrier, the LCC subsidiary of South African Airways, reported a profit before tax* of USD2.6 million and a 26% year-on-year increase in net profit for the 12 months ended 31-Mar-2010, despite it being “one of the most challenging periods in aviation history” (Sapa, 13-Sep-2010). Mr Bezuidenhout added the LCC was able to continue to stimulate demand with its low fares despite the South African domestic market shrinking by 10% over the past 24 months, resulting in the carrier increasing its market share to more than 15% on the routes it operates. Mango has transported more than 5 million passengers over the past three years. Looking ahead, Mr Bezuidenhout believes market conditions will remain difficult as the global economy continues its slow recovery.
* Based on the conversion rate at USD1 = ZAR7.1394