Port-Louis, Mauritius (PANA) - Air Mauritius on Monday announced net profits of 16.5 million euro for financial year 2015/2016 (1 April 2015 to 31 March 2016), representing an increase of 40 million euro over losses of 23.6 million euro posted the previous year.
In a communiqué issued on Monday, Air Mauritius said turnover improved by 5.4% to reach a record amount of 488 million euro.
As a consequence of these results, it said, the total equity of the company had nearly doubled - from 42.9 million euro on 31 March 2015 to 82 million euro on 31 March 2016.
The number of passengers carried increased by by 8.4% from 128,988 to reach a record high of 1,499,411. Highest growth rates have been noted in the Chinese and Indian markets which, grew by 13% and 12% respectively.
“Several factors including a slump in oil prices, a weak Euro and increased competition diversely impacted the results. The company benefited from oil prices falling from an annual average of US$90 a barrel to US$50 a barrel,” it said.
Air Mauritius is presently engaged in a number of projects that include the opening of an Air Corridor in March 2016 to provide enhanced connectivity between Asia and Africa using Singapore and Mauritius as hubs.
In order to improve its coverage of Africa, two new destinations - Maputo and Dar-es-Salaam - were launched in May 2016.
Operations to China are also being reinforced with the introduction of the new destination, Guangzhou, according to the communiqué.
-0- PANA NA/MA 13June2016