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.

Royal Air Maroc RAMFollowing a record USD50million (MAD499million) net loss posted in 2011 which necessitated a USD193million capital injection by the Moroccan government, Royal Air Maroc (AT), says it has generated an operating profit of USD83million (MAD718million) for its most recent 2012 Financial Year with turnover for the year rising 7% to USD1.6billion (EUR1.25billion).

Sunday, March 17, 2013

■ EGYPT: Egyptair losses total $880million since 2011 Revolution: al-Maddawy.

EgyptairEgypt'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.

Monday, November 26, 2012

■ SOUTH AFRICA: Group SAA finally releases its 2011/2012 Financials; records USD163.2million operating loss.

SAA logoSouth 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.

Thursday, November 8, 2012

■ TUNISIA: Tunisair plans massive layoffs after posting $98m loss for 2011.

TunisairFollowing its AGM last night in the Tunisian capital, Tunis, Tunisair's boss (TU) has officially outlined controversial plans to restructure the state-owned airline after it declared a whooping USD98.3million (EUR77.2million) loss for 2011. The move is certain to earn it the wrath of its powerful unions who, in the past, have played a pivotal role in protecting the carrier from both local and foreign competition.

Tuesday, October 16, 2012

■ SOUTH AFRICA: No privatization for SAA despite a confirmed $150million loss: Gigaba.

SAA logoMalusi Gigaba, the South African Minister of Public Enterprises, speaking on the occasion of South African Airways (SA) Post-AGM Briefing at Airways Park on Monday 15 October 2012, bemoaned SAA's below par performance during the 2011/2012 Financial Year, noting that whilst the global aviation industry, as a whole, has suffered in the current adverse global economic environment, SAA still fared poorer compared to its peers across the globe.

Wednesday, October 10, 2012

■ SEYCHELLES: Etihad partnership starting to pay off as Air Seychelles quarterly revenues up 23%.

Air SeychellesAir Seychelles (HM) has announced Q3 revenues of USD$13.8 million, up 23% on Q2, as the airline's restructuring programme, initiated in February of this year, took effect in the drive towards profitability for 2012.  The growth in revenues was led by a 51% quarter-on-quarter increase in passengers, up from 53,066 to 79,887, as seat factors rose from 43% to 60%.  Air Seychelles’ management team is confident that the airline will achieve its target of profitability in 2012, marking a major turnaround after several years of heavy losses.

Thursday, October 4, 2012

■ TANZANIA: Precision Air posts USD400'000 profit despite tough market conditions.

Precision Air Tanzanian private carrier Precision Air (PW) yesterday presented its  Ernst & Young audited report for the Financial Year 2011/2012 to shareholders, marking the airline's first annual general meeting since the company floated its shares in an initial public offering (IPO) on the Dar es Salaam Stock Exchange (DSE) in November of last year.

Tuesday, October 2, 2012

■ SOUTH AFRICA: SAA gets its USD600million bailout from Government.

South Africa coat of armsThe South African Government today announced that it would guarantee USD$600 million in loans for troubled state airline South African Airways (SA) over the next two years. The news comes as dust from  last week's mass boardroom resignation settles, with 8 new board-members having been appointed, in addition to a new chairman.

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.

Air MadagascarAfter the ordinary and extraordinary general meetings of shareholders in the Malagasy capital Antananarivo on Thursday last week, Malagasy national carrier Air Madagascar (MD), has announced plans to pull the airline back from the brink of bankruptcy, and return it to profitability within an 18 month time frame.

Wednesday, September 26, 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.

SAA logoReports coming out of South Africa suggest that South African Airways (SA) is set for a top level shake-up in the near future. The looming shake up comes after a woeful presentation by SAA last week, in which it sought further government aid in the form of a USD750million bail out, failed to impress neither the South African Minister for Public Enterprises, Malusi Gigaba, nor Finance Minister Pravin Gordhan both of whom stipulated that management would have to rethink their future action plan and come up with a better one if it was to secure the funds.

Thursday, September 13, 2012

■ SOUTH AFRICA: Airports Company South Africa bounces back with a USD22million profit for FY 2011/2012.

After a heavy loss of USD26.8million during the 2010/2011 Financial Year, The Airports Company South Africa (ACSA) announced yesterday that it had made a profit of USD22million for the 2011/2012 Financial Year, though it is unlikely that any South African airlines will be joining in the celebrations, as the main factor behind ACSA's return to profitability - a 70% hike in its tariffs - is one of the reasons why 1Time is in Business Rescue and Comair Limited posted no dividend for the same Financial Year.

Wednesday, September 12, 2012

► SOUTH AFRICA: Comair Ltd declares no dividend despite rise in revenues.

Comair LtdSouth Africa's Comair Ltd, the parent company of British Airways (Comair) (BA) and LCC Kulula (MN) today reported that it would not issue a dividend despite seeing a 16% growth in its revenue from USD440million in June 2011, to USD510million for the year ending June 30, 2012.

Thursday, August 16, 2012

► ALGERIA: Air Algérie to start Nigeria & South Africa flights but axes Beijing.

Air Algérie logoAlgerian national carrier Air Algérie (AH) has joined the growing list of carriers, both African and international, that are turning their focus towards the long neglected African market in the hopes that it will provide the stimulus needed for sustainable long term growth.

Monday, August 13, 2012

► ETHIOPIA: A weaker Birr helps, but isn't enough as Ethiopian Airlines records 40% drop in profits.

Ethiopian Airlines logo
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:

"“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 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%)
  • High Global Oil Prices
  • Devalued Ethiopian Birr
  • Weaker Eurozone economy & economic stagnation in China and SE Asia
Source [The Reporter, Ethiopia]

Tewolde Gebremariam
Tewolde Gebremariam (JeuneAfrique)
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..

Thursday, June 14, 2012

● IATA: Strong growth for Africa in 2011/2012 but lower profits; The winners & losers so far.

The International Air Transport Association (IATA), which represents some 240 airlines worldwide and comprising 84% of total air traffic, has released its annual statistics for the year 2011/2012, with Africa showing very strong growth in terms of actual passengers carried, as well as freight tonnage hauled, in stark contrast to crisis ridden Europe, which has struggled some what.