Annual Report 2016-2017


Operational Profit for Air Mauritius Group and Company

The first quarter being traditionally a low season period and loss making, the Group and the Company have posted positive operating profits of Eur 0.3 million and Eur 0.2 million respectively. However, the EUR/USD exchange rate which moved from 1.07 on 01 April 2017 to 1.14 on 30 June 2017 resulted in an unrealized exchange loss on translation of monetary assets and liabilities of Eur 5.6 million on the last date of the reporting period.

This has caused the quarter ended 30 June 2017 for the Group and the Company to show losses of Eur 5.2 million and Eur 5.4 million respectively as compared to profits of Eur 2.1 million and Eur 2.0 million respectively for the same period last year.

Total passengers carried during the quarter increased by 11.6% to 383,329 as compared to 343,472 passengers carried during the quarter ended 30 June 2016. The number of seats offered increased by 8.5% and the Passenger Load Factor increased from 77.2% to 77.8%. However, the passenger yield witnessed a drop of 3.3%. The operating revenue of the Company increased by 5.9% from Eur 109.4 million to Eur 115.8 million.

The operating expenses increased by 10.9% from Eur 98.5 million to Eur 109.3 million mainly on account of higher costs due to increased level of operations and higher fuel price. The Brent oil price which averaged USD 44/BL during the quarter Apr16-Jun16, increased to an average of USD 53/BL for the quarter under review.

Abridged Statements

Shareholders' Funds

Total Shareholders’ Funds for the Company decreased from Eur 91.2 million as at 31 March 2017 to Eur 81.8 million as at 30 June 2017. The resulting net assets per share as at 30 June 2017 was Eur 0.80 (Rs 31.76) as compared to Eur 0.89 (Rs 34.04) as at 31 March 2017. The drop in the Shareholders’ Funds is mainly attributable to the loss for the period and a negative movement in cash flow hedges.


The operational results of the first quarter are in line with our budget. The Company has already taken various initiatives to boost traffic on its network in the wake of fiercer competition on major routes and also various steps to further reduce its cost base. The volatility of the Euro and the fuel price will continue to impact the results of the Company. The Company remains on track to achieve performance targets for the financial year 2017/18.