South African Airways reports 45% surge in net profit in FY2010 despite fall in pax

South African Airways (SAA) reported a 44.5% year-on-year increase in net profit* to USD81.4 million for the 12 months ended 31-Mar-2010, attributable to a 25% decline in the average fuel price during the period (Bloomberg, 14-Sep-2010). The carrier stated the increase in profit was achieved despite a 2.4% decline in passenger numbers and a 14% slide in cargo revenue. SAA returned to profitability for the first time in three years in FY2009.

* Based on the conversion rate at USD1 = ZAR7.13940