__________________________________________________________________________________________________________________________________________
Showing posts with label 2011/2012 Financial Year. Show all posts
Showing posts with label 2011/2012 Financial Year. Show all posts
Tuesday, May 21, 2013
■ MOROCCO: Royal Air Maroc set to rebound as operating profits hit $83million in 2012.
Labels:
2011/2012 Financial Year,
Finances,
Morocco,
profits,
Royal Air Maroc
Sunday, March 17, 2013
■ EGYPT: Egyptair losses total $880million since 2011 Revolution: al-Maddawy.
Monday, November 26, 2012
■ SOUTH AFRICA: Group SAA finally releases its 2011/2012 Financials; records USD163.2million operating loss.
Thursday, November 8, 2012
■ TUNISIA: Tunisair plans massive layoffs after posting $98m loss for 2011.
Tuesday, October 16, 2012
■ SOUTH AFRICA: No privatization for SAA despite a confirmed $150million loss: Gigaba.
Wednesday, October 10, 2012
■ SEYCHELLES: Etihad partnership starting to pay off as Air Seychelles quarterly revenues up 23%.

Thursday, October 4, 2012
■ TANZANIA: Precision Air posts USD400'000 profit despite tough market conditions.
Labels:
2011/2012 Financial Year,
Finances,
Precision Air,
profits,
Tanzania
Tuesday, October 2, 2012
■ SOUTH AFRICA: SAA gets its USD600million bailout from Government.
Monday, October 1, 2012
● IATA: Outlook improves slightly for African aviation, but government interference continues to stifle growth.
The International Air Transport Association (IATA), in a revision of its Global Aviation Outlook for 2012, has said that now it expects African airlines to break even in 2012, following on from a USD100million loss in 2011.
Sunday, September 30, 2012
► MADAGASCAR: Air Madagascar to ask for USD9million bailout as part of 18-month plan to return to profitability.
Thursday, September 27, 2012
■ SOUTH AFRICA: Heads to roll at SAA & SA Express as neither are able to present their FY 2011/12 annual reports by September 30.
Thursday, September 13, 2012
■ SOUTH AFRICA: Airports Company South Africa bounces back with a USD22million profit for FY 2011/2012.
Wednesday, September 12, 2012
► SOUTH AFRICA: Comair Ltd declares no dividend despite rise in revenues.
Thursday, August 16, 2012
► ALGERIA: Air Algérie to start Nigeria & South Africa flights but axes Beijing.
Labels:
2011/2012 Financial Year,
Air Algérie,
Algeria,
Algiers,
Beijing,
China,
Finances,
Johannesburg,
Lagos,
Route,
South Africa
Monday, August 13, 2012
► ETHIOPIA: A weaker Birr helps, but isn't enough as Ethiopian Airlines records 40% drop in profits.
After having posted "record revenues" in H1 of its 2011/2012 Financial Year, Ethiopian Airlines (ET) came tumbling back down to earth as it reported a 40% drop in annual profits for its recently ended 2011/2012 Financial Year.
The most surprising part of it all is, whilst the usual suspects for the drop were to blame - that is: high global oil prices and the Eurozone Crisis - Ethiopian voluntarily awarded wage increases of between 6 and 7% to its staff, in stark contrast to its southern rival, Kenya Airways (KQ), who has been forced to make redundancies, claiming high worker wages were partly to blame for its 57% drop in Q1 2012/2013 profits.
It should be noted that a weaker Ethiopian Birr (ETB) also helped to somewhat inflate profits for the 2010/2011 Financial Year which implies that things may not have been quite so rosy without it:
The most surprising part of it all is, whilst the usual suspects for the drop were to blame - that is: high global oil prices and the Eurozone Crisis - Ethiopian voluntarily awarded wage increases of between 6 and 7% to its staff, in stark contrast to its southern rival, Kenya Airways (KQ), who has been forced to make redundancies, claiming high worker wages were partly to blame for its 57% drop in Q1 2012/2013 profits.
It should be noted that a weaker Ethiopian Birr (ETB) also helped to somewhat inflate profits for the 2010/2011 Financial Year which implies that things may not have been quite so rosy without it:
"“One of the contributing factors for the surge in profit in that fiscal year was the devaluation [of the Ethiopian Birr]. And it is unfair to compare the profit made in 2010/2011 to the 2011/2012 fiscal year,” the official said."Source [CapitalEthiopia]
Ethiopian Airlines Profits 2008 - 2012 (Ethiopian Airlines) |
Ethiopian Airlines Financial Year 2011/2012 Results Summarized:
- Figures For 2011/2012 (% Change on 2010/2011)
- Net Profit: USD$40.8million (-40%)
- Operating Profit: USD$55.70million (-)
- Operating Revenue: USD$1.88billion (+37%)
- Operating Overheads & Costs: USD$320million (+35%)
- Number of Passengers Carried: 4.6million (+25%)
- Capacity Deployed: - (+22%)
Causes:
- High Global Oil Prices
- Devalued Ethiopian Birr
- Weaker Eurozone economy & economic stagnation in China and SE Asia
Source [The Reporter, Ethiopia]
Despite a third successive year of declining profits, Ethiopian has remained resolute and will forge ahead with its Vision 2025 plans which, CEO Tewolde Gebremariam outlined as being focused on BRICS countries, as well as building further hubs in Central and Southern Africa - something akin to its ASKY airline which operates fairly successfully out of its Lomé, Togo hub.
In order to achieve this, Tewolde stated that Ethiopian would have to grow at a rate of 25 - 30% per year (looking at the figures above, operating revenue grew 37% on 2011). But, with oil prices sitting high and eating into everyone's profits, there may be cuts and belt tightening measures lurking just around the corner for Ethiopian as well..
Tewolde Gebremariam (JeuneAfrique) |
In order to achieve this, Tewolde stated that Ethiopian would have to grow at a rate of 25 - 30% per year (looking at the figures above, operating revenue grew 37% on 2011). But, with oil prices sitting high and eating into everyone's profits, there may be cuts and belt tightening measures lurking just around the corner for Ethiopian as well..
Thursday, June 14, 2012
● IATA: Strong growth for Africa in 2011/2012 but lower profits; The winners & losers so far.
Subscribe to:
Posts (Atom)