PANAPRESS
Panafrican News Agency
Air Mauritius posts half-yearly losses of 17.6 million euros
Port-Louis, Mauritius (PANA) – The Mauritian national airline, Air Mauritius, has incurred after-tax losses of 17.6 million euros for the first half (April-September) of the 2018-19 financial year, as compared to net profits of 6.2 million euros for the same period of the previous fiscal year.
In a press release, the company indicated that despite an increase in half-yearly revenues (from 251.8 million euros to 266.7 million euros), operating losses of 19.5 million euros were recorded for the first six months of the fiscal year 2017-18
“This underperformance is explained by a 21.6% increase in operating expenses, which amounted to 272 million euros. It stems from a 44% increase in fuel prices, growth in activity, higher salary costs and new aircraft financing costs," Air Mauritius said.
The airline further indicated that the number of seats offered increased by 5.9% for the first half of the current financial year to reach 1,141,569. The number of passengers has increased by 7, 1% to 867,733 with a fill rate that remained stable at 79.3%.
Regarding the outlook, the management of Air Mauritius said that "the price of fuel, exchange rates and increased competition, especially during the high season, will continue to weigh on the performance of the company for the rest of the fiscal year.”
It believed “the airline is ready to adapt to changing parameters and announced that it will continue its investments in the modernization of its fleet, its products and services and that it will be always attentive to its markets and customers.
-0- PANA NA/VAO 16Nov2018
In a press release, the company indicated that despite an increase in half-yearly revenues (from 251.8 million euros to 266.7 million euros), operating losses of 19.5 million euros were recorded for the first six months of the fiscal year 2017-18
“This underperformance is explained by a 21.6% increase in operating expenses, which amounted to 272 million euros. It stems from a 44% increase in fuel prices, growth in activity, higher salary costs and new aircraft financing costs," Air Mauritius said.
The airline further indicated that the number of seats offered increased by 5.9% for the first half of the current financial year to reach 1,141,569. The number of passengers has increased by 7, 1% to 867,733 with a fill rate that remained stable at 79.3%.
Regarding the outlook, the management of Air Mauritius said that "the price of fuel, exchange rates and increased competition, especially during the high season, will continue to weigh on the performance of the company for the rest of the fiscal year.”
It believed “the airline is ready to adapt to changing parameters and announced that it will continue its investments in the modernization of its fleet, its products and services and that it will be always attentive to its markets and customers.
-0- PANA NA/VAO 16Nov2018
