INTERIM FINANCIAL STATEMENTS AS AT 31 DECEMBER 2009
IATA has maintained its forecast for the year 2009 that the
global aviation industry would incur net losses of US$11
billion. Demand statistics for international scheduled air
traffic showed the industry ending 2009 with the largest
ever post-war decline. For the year 2010, demand is expected
to improve. However, fuel costs are expected to remain
volatile and yields are expected to continue to decline.
IATA accordingly has forecasted a net loss of US$5.6 billion
for the year 2010.
In spite of all the challenges, Air Mauritius has managed to
post very encouraging results for the quarter ended 31
December 2009. For the quarter ended 31 December 2009, the
Group and the Company recorded profits of Eur 3.3 million
and Eur 3.0 million respectively compared to losses of Eur
6.6 million and Eur 7.2 million for the comparative period
to 31 December 2008. The above results are after taking into
account total losses of Eur 6.5 million on fuel hedge
payouts during the quarter. Passengers slightly increased
for the quarter from 314,965 to 315,187 whereas the
passenger load factor improved significantly to 82.9% as
compared to 73.9% for the corresponding quarter of last
year. However, the average passenger yield continued to
decline consistent with market trend.
The Group and the Company recorded losses for the nine
months ended 31 December 2009 of Eur 6.7 million and Eur 7.5
million respectively after accounting for total losses
amounting to Eur 31.9 million from fuel hedge payouts.
For the corresponding period last year, the Group and the
Company recorded losses of Eur 20.1 million and Eur 18.2
million respectively after accounting for total losses of
Eur 20.5 million on fuel hedge payouts. Before taking into
account the total losses arising from fuel hedge payouts of
Eur 31.9 million, the Group and the Company posted profits
for the nine months ended 31 December 2009 of Eur 25.3
million and Eur 24.4 million respectively compared to
profits of Eur 0.6 million and Eur 2.3 million for the same
period last year.
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Total Shareholder’s Funds for the Company doubled from Eur
49.1 million as at 31 March 2009 to Eur 98.2 million as at
31 December 2009. This major improvement largely results
from the impact of lower hedge payouts than anticipated and
the reduction in the unrealized losses on the re-measurement
of the remaining hedge positions. The resulting net assets
per share as at 31 December 2009 is Eur 0.96 (Rs 41.38) as
compared to Eur 0.48 (Rs 21.27) as at 31 March 2009.
For the second successive quarter, the Group and the Company
recorded positive results in spite of all the challenges
facing the airline industry. The various measures
implemented by the Company to stimulate revenue, modulate
capacity to demand, improve efficiencies and reduce costs
have contributed to such results. In line with improving
demand, capacity is being increased on certain routes.
However, conditions remain challenging as yields continue to
be under pressure, oil prices are volatile and the EURO
weakens further against the US Dollar.
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