fastjet (FN) has announced a USD24.9million EBIT loss for the first half of its 2013 Financial Year ended 30 June 2013. In its statement, the company said that its Tanzanian LCC is now profitable "on an underlying route level basis", though it did post operational losses of USD9.1million and USD4.2million in 1Q and 2Q of this year respectively.
Tuesday, October 1, 2013
Friday, September 6, 2013
Tanzania's Precision Air (PW) has confirmed sustaining a hefty loss of TZS30.4billion (USD18.84million) for its most recent 2012/13 Financial Year ended March 31, 2013. In their statement, the the Board of Directors of Precision Air Services Plc said that while total revenues had grown by 8.2% on the previous years figures to TZS176.4billion (USD109.3million), the loss was attributable to rising fuel, maintenance and equipment costs, rising personnel expenditure and an unfavourable USD exchange rate also taking its toll.
Tuesday, August 27, 2013
Egyptian Minister of Civil Aviation, Mr Abdul Aziz Fadel, says the current Egyptian government is determined to map out the future for a New Egypt by leveraging the country's aviation and tourism sectors to help kick start the stalled economy. The minister's comments come against the back drop of plunging tourist arrivals caused by the country's ongoing political and social unrest which thus far have cost national carrier, Egyptair (MS), "considerable losses". Previous reports stated the national airline's arrivals had dropped 10% since the military coup of July 3 and the ensuing civil unrest.
Friday, August 16, 2013
■ TANZANIA: Precision Air to post loss during latest Financial Year; asks government for $32mln in funding.
Tanzania's Precision Air (PW) will this year post a heavy loss, the airline’s board chairman, Mr Michael Shirima, has announced. In addition, the airline has reportedly asked the government, among various other undisclosed financial institutions, for TZS51.2billion (USD32million) in funding to help cover bank loans and instalments for its TZS218billion (USD136million) order with ATR which includes four ATR42-600s and one ATR72-600.
Monday, August 12, 2013
Air Mauritius Group and Company have posted their results for Q1 of their 2013/2014 Financial Year which ended 30 June 2013 with losses of EUR8.1million (USD10.83million) and EUR8.3million (USD11.1million) respectively. Despite the red, the figures are an improvement on the same period for its previous financial year in which it posted losses of EUR10.2 million and EUR10.4 million respectively.
Monday, June 17, 2013
Kenya Airways (KQ) has posted a net loss of USD92million (KES7.86billion) for its 2012/13 Financial Year, compared with a profit of USD19.39million (KES1.66 billion) a year earlier, Chief Financial Officer Alex Mbugua has announced. Losses were blamed on "harsh economic and geopolitical conditions" coupled with a global economic slowdown and volatile global oil prices. The company last reported a loss in the fiscal year ended March 2009.
Tuesday, June 11, 2013
La Réunion's Air Austral (UU) has announced a turnaround in its fortunes, roughly one year on from the appointment of Mr Marie-Joseph Malé as new CEO of the company. For its 2012/13 Financial Year which ended on March 31, the carrier posted losses of USD35.8million (EUR27.06million), an improvement of 40% on last year's numbers (USD50.8million loss).
Monday, June 10, 2013
■ EGYPT: Egyptair's losses to narrow by 57% during this financial year; EHCAAN's profits to rise 15% - El-Maadawy.
Egyptian Minister of Civil Aviation, Engineer Wael El-Maadawy, has announced that Egyptian national carrier, EgyptAir (MS), is expected to see an improvement in its business climate with losses for the current 2012/13 fiscal year decreasing 57% compared to last year. Additionally, the Egyptian Holding Company for Airports and Air Navigation (EHCAAN) is expected to see a 15% rise in its profits on the back of the increased use of Egyptian airports as transit points.
Sunday, April 28, 2013
Following a long, painstaking forensic audit, South African Express (SA Express) (XZ) has finally released its 2010/2011 Financial Year results posting a USD20.6million (ZAR187million) loss.
Sunday, March 17, 2013
Egypt's Minister of Civil Aviation, Wael al-Maddawy, says Egyptian national carrier, Egyptair (MS), has posted continuous losses of USD880million (EGP6billion) since the 2011 Egyptian revolution which lead to the fall of then president, Hosni Mubarak, and his regime.
Thursday, February 14, 2013
■ MAURITIUS: Viljoen's leadership beginning to pay off as Air Mauritius continues to improve, but not out of woods yet.
Mauritian national carrier, Air Mauritius (MK), is beginning to reap the rewards of its envisioned 7 Step Recovery Plan amid reports that it has posted a USD9.6million (EUR6.4million) profit for Q3 (October-December) of its 2012/2013 Financial Year. However, overall results combined for Q1, Q2, Q3 show the carrier still made a substantive pre-tax loss of USD3.33million (EUR2.5 million).
Monday, November 26, 2012
■ SOUTH AFRICA: Group SAA finally releases its 2011/2012 Financials; records USD163.2million operating loss.
South African Airways (SA) has at long last, released its financial report for the Financial Year 2011/2012 ending 31 March 2012. In its brief, signed off by the airline's previous board, the carrier reported an operating loss of USD163.2million (ZAR1.3billion) despite its total revenue being up six percent on the previous year. Overall, the group posted a ZAR32million Total comprehensive loss.