Comair keeps its unbroken profit record
Despite constrained economy the airline company reports rise in revenue and passenger volumes in the first half
JSE-listed airline company Comair has reported a record performance for its first half to December 31 2017, despite the constrained economic conditions, says CEO Erik Venter. Comair operates scheduled and nonscheduled flights in SA and in the sub-Saharan and Indian Ocean island region under the low-cost brand kulula.com and under licence as British Airways. The results continue an unbroken record of profit for the company since inception 71 years ago. Venter said Comair’s main constraint over the period was a surplus capacity in its fleet that was not at international standards. “Considering SA’s flying population, this suggests that there is considerable latent capacity in the market. “[But] despite a lack of growth in the economy and the GDP, we saw a 6% growth in both revenue and passenger volumes over the review period.” Comair reported an after-tax profit of R203m on Tuesday, up R4m from R199m in the first half a year ago, and earnings and headline earnings per share of 43.6c, ...
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