Press statement today...share some please....please...
Hello all
Please find below a press release issued to the general media in conjunction
with a trading update that was issued to our shareholders with regard to
Comair's year-end performance.
Comair expects significant year-end earnings
Johannesburg - 17 July 2007. In its sixty-first year of profitable
operation Comair Limited (Comair) has today informed its shareholders of
significant profits expected for the year ended 30 June 2007. Its headline
earnings per share and earnings per share are expected to be between 20% to
40% higher than those of last year.
Comair cautioned however that unprofitable ticket pricing by
state-subsidised SAA's new subsidiary, Mango, negatively impacted profits in
the fourth quarter of the latest financial year and may also impact future
results.
In this light Comair's joint CEO Erik Venter has said, "Once again we've had
a very successful and profitable year but the unprofitable airfares that
currently prevail in the industry are going to pose a challenge going
forward."
Comair mentioned that the current high crude oil price, if sustained could
have an impact on future earnings, however the company anticipates that the
subsequent fuel-price increases will be mitigated by the progress its made
with its fleet upgrade programme.
During the financial year just ended three newer, more fuel-efficient and
environmentally friendly Boeing 737-400s have been brought into service on
the kulula.com brand. These aircraft are 15% more cost efficient than the
older, fuel inefficient MD82 aircraft which will be replaced by the end of
the year.
Ends
Notes to editors:
* Comair is currently in a closed period which will end on 12
September 2007 when the annual results are announced