Looks like SAX pilots are now freelance reporters for Business Day....
Business Day (Johannesburg)
13 November 2008
Johannesburg
DESPITE a surge in fuel prices in the year to September, regional airline South African Express (SAX) posted a net profit of R201m, boosted by a 14,3% rise in turnover.
In the year under review oil prices surged dramatically, reaching a record $147 a barrel in mid-July. Yet the state-owned airline's total fuel cost decreased 0,1% to R286,87m from R287,17m the year before.
SAX, which did not hedge against the rising oil price during that period, attributed the cost containment to the use of modern, fuel efficient aircraft.
SAX has grown its fleet to 21, taking delivery of two new Bombardier Q400m turboprop aircraft during the year. A further two aircraft will be delivered by the end of the year.
The operating profit margin increased from 19% in the last financial year to 25% this year due to a positive growth in revenue and operational efficiency gains.
"Our financial success is also the result of investing in the right aircraft. Our aircraft are more efficient with lower fuel burn," said CEO Sizakele Mzimela.
She said the volatile oil price continued to pose challenges for SAX. "In response, we have acted swiftly to manage capacity, preserve liquidity and aggressively manage our costs."
During the year the airline increased the number of passengers carried during the 2007-08 financial year 6%.
Rich Mkhondo, head of corporate affairs, said the airline would continue to expand its network in the year ahead.