FINANCIAL HIGHLIGHTS AS AT 30 SEPTEMBER 2017
AIR MAURITIUS GROUP AND COMPANY RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2017
For the quarter ended 30 September 2017, the Group and the Company recorded profits of Eur 11.8 million and Eur 11.6 million respectively. For the corresponding quarter of last year, the Group and the Company had recorded profits of Eur 13.8 million and Eur 13.6 million respectively.
Total passengers carried during the quarter increased by 2.5% to 426,910 as compared to 416,485 passengers carried during the quarter ended 30 September 2016. The number of seats offered increased by 5.6% and the Passenger Load Factor decreased from 83.7% to 80.7%. The passenger yield also witnessed a drop of 4.3%. The operating revenue of the Company increased by 1.5% from Eur 133.9 million to Eur 135.9 million.
Despite an increase in the level of operation by nearly 4%, the increase in operating expenses was contained to 0.8%. The Company benefited from a favourable EUR/USD exchange rate.
The Company is pursuing its growth strategy and has increased frequencies on certain existing routes such as Saint-Pierre, Bangalore/Chennai, Singapore/Kuala Lumpur, Perth, Cape Town and Durban.
AIR MAURITIUS GROUP AND COMPANY RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2017
For the half year ended 30 September 2017 the Group and the Company posted profits of Eur 6.6 million and Eur 6.3 million respectively. For the corresponding period last year, the Group and the Company had recorded profits of Eur 15.9 million and Eur 15.5 million respectively.
The number of passengers carried went up by 6.6% to reach 810,239 as compared to 759,957 during the half year ended 30 September 2016. Seat capacity increased by 7.0% from 1,007,896 to 1,078,297, resulting in the Passenger Load Factor marginally decreasing from 80.6% to 79.3% mainly due to an increase in capacity. In addition, cargo activities continue to show encouraging result with increase in tonnage of 27.5%.
Operating revenue of the Company went up by 3.5% to reach Eur 251.8 million whereas operating expenses increased by 4.3% from Eur 214.6 million to Eur 223.8 million mainly on account of the growth in our operations and higher fuel cost.
The half year results have also been impacted by the EUR/USD exchange rate which increased from 1.07 on 01 April 2017 to 1.18 on 30 September 2017. The continued appreciation of the Euro against the USD over that period resulted in a positive impact of Euro 4 Million on the Operating profit. However, when re-translating of monetary assets and liabilities at 30 September 2017, unrealized exchange loss of Eur 7.5 million has had to be accounted in the Statement of Profit or Loss.
SHAREHOLDERS' FUNDS Total Shareholders’ Funds for the Company increased from Eur 91.2 million as at 31 March 2017 to Eur 96.2 million as at 30 September 2017. The resulting net assets per share as at 30 September 2017 was Eur 0.94 (Rs 37.66) as compared to Eur 0.89 (Rs 34.04) as at 31 March 2017.
OUTLOOK The prevailing fuel prices will impact the results of the Company. Moreover, any movement on the EUR/USD exchange rate will influence our full year results. With the arrival of new players and fiercer competition on the various routes, the Company anticipates a very challenging second semester.
However, the operation of two brand new A350s, one of which was delivered in October 2017 and the second one earmarked for delivery by end of November 2017 will enhance the customer experience. This, coupled with other initiatives which are being implemented will boost traffic and contain the operational costs.