Monday, June 17, 2013

■ MAURITIUS: Despite posting a $3million loss for 2012/13, Air Mauritius confident of profit in 2013/14.

Air MauritiusAir Mauritius (MK) has reported a pre-tax loss of USD3.07million (EUR2.6million) for its 2012/13 Financial Year, on the back of oil prices that have remained high, averaging USD112 per barrel, and the global economic situation that has further deteriorated as the recession in Europe has proven to be deeper than expected. However, the result is an improvement on its 2011/12 financial results when the Indian Ocean island carrier posted a loss of USD38.96million (EUR29.2million) overall.

Air Mauritius Overall 2012/2013 Financial Results Summarized:
- Figures For 2012/13 (% Change on 2011/12)
  • Net Results: - €2.6million (+1'038.2%)
  • Operating Revenue:  €452.1million (-0.2%)
  • Cost of Sales:  €431.2million (-4.4%)
  • Total Liabilities: €274.7million (-1.9%)
  • Total Assets: €348.6million (-3.2%)
  • Cash & short-term deposits: €11.4 million (-15.2%)
  • Overall Load Factor: 78.9% (+ 1.8%)
Source [Air Mauritius]

"During the year, the Company started implementing its announced Recovery Plan which saw a realignment of its network, " Chief Executive Officer Andre Viljoen said in a statement. "The direct significant loss making flights were suspended, whereas additional frequencies were added on routes with greater potential for growth. "

The gradual implementation of the announced Recovery Plan is impacting positively on the performance of the Air Mauritius Company. As per the plan, it is expected that it will get back on track to profitability by the end of the 2013/14 financial year based on current operating conditions.