SOUTH African Airways has announced a nett profit of R782 million for the 2010-2011 financial year, a 77% increasee on the restated figure of R442 million achieved the previous year.
In announcing the results the airline said that the positive results were achieved despite the fact that the market is still recovering from the effects of the global financial crisis and as well as the fluctuating Brent crude price.
Group operating profit rose by 66% to R807 million from a restated R487 million in the previous year. Turnover, comprised largely of passenger revenue, increased by 6% to R18 billion from R16,9 billion, while operating costs rose by only 5% despite significantly higher fuel costs. Capital and reserves were brought up to R1 641 million from last year’s restated R992 million and R618 million in cash was generated. Net retained earnings of R681 million exceeded the target of R201 million.
Refer to tomorrow's news for more details.
