South African Airways reports sharp profit increases in FY2011

South African Airways (SAA) CEO Siza Mzimela reported the carrier increased its operating profit by 66% year-on-year to ZAR807 million (USD112.6 million) in the 12 months ended 31-Mar-2011. Details include:

• Total revenue: USD3182 million, +3% year-on-year;
  • Passenger: USD2205 million, +8%;
• Operating costs: USD3043 million, +5%;
• Operating profit: USD112.6 million, +66%;
• Net profit: USD109 million, +76.9%;
• Capital and reserves: USD228.9 million, +65.3%.

*Based on the conversion rate at USD1 = ZAR7.16458

South African Airways: "This financial performance is an encouraging response to the strategic objective to become a fully sustainable business over the next three years...and positioning SAA to compete successfully in the global aviation market in 10 years," Cheryl Carolus, Chairperson. Source: IOL, 08-Sep-2011.