Annual Report 2017-2018


Air Mauritius Group and Company results

The first quarter is traditionally a low season period and loss making. For the quarter ended June 30, 2018 the Operating revenue increased by 4.7% from Eur 115.8 million to Eur 121.3 million. However, the operating expenses increased by 19.8% to reach Eur 130.9 million mainly on account of rising fuel prices (+35%), increased level of operations, and lease of new equipment

For the quarter ended 30 June 2018, both the Group and the Company recorded losses of Eur 14.9 million. However, for the corresponding period of last year the Group reported losses of Eur 5.2 million whereas the Company incurred losses of Eur 5.4 million.

Total passengers carried during the quarter increased by 5.1% to reach 403,044 as compared to 383,329 passengers carried during the quarter ended 30 June 2017. The number of seats offered increased by 5.4% and the Passenger Load Factor decreased slightly from 77.8% to 77.1%. The passenger yield continues to be under pressure due to extra capacity on the market.

Abridged Statements

Shareholders' Funds

Total Shareholders’ Funds for the Company decreased from Eur 87.9 million as at 31 March 2018 to Eur 80.9 million as at 30 June 2018. The resulting net assets per share as at 30 June 2018 was Eur 0.79 (Rs 32.00) as compared to Eur 0.86 (Rs 35.50) as at 31 March 2018. The drop in the Shareholders’ Funds is mainly attributable to the loss for the period, mitigated by a positive movement in cash flow hedges.


The higher fuel price and the volatility of the Euro will continue to adversely impact the results of the Company. Intense competition is leading to persistent yield erosion in most markets. In light of these challenges, various cost containment initiatives and revenue enhancement measures are being undertaken.