Comair reports loss of R9,2m

ON Tuesday, Comair Limited reported a R9,2m attributable loss for the six months to December 31, 2003 compared with R13,4m attributable earnings for the same period in 2002. After writing off losses of R16,7m on forward exchange cover on the acquisition of three Boeing 737-300 aircraft from Qantas that were delivered during the interim period, the airline reported an operating loss of R2,85m. Importantly, operating profit – excluding the above forward exchange cover losses – amounted to R13,8m compared to an operating profit of R15,5m for the six months to December 31, 2002. Revenue has grown by 3% on the equivalent period for 2002, and 11% on the second half of the 2003 financial year. Piet van Hoven, md of Comair Limited, said: “Yield growth for our company is expected to remain under pressure whilst the market capacity exceeds demand. However – subject to the exchange rate and oil prices - costs are expected to remain favourable. In addition to this, we are expecting further operating efficiencies from the recent fleet upgrades in both the kulula.com and British Airways brands.” (Miguel de Sousa)