Air Mauritius announces financial report ending June 2013

Air Mauritius has announced the airline's financial performance continues to improve slowly, despite difficult business conditions.

It added, global economic performance remains a concern and oil prices have remained high, averaging USD 105/barrel.

Air Mauritius Group and company results for the quarter ended 30 June 2013.

The report said: “The first quarter is traditionally low season and loss making for the Group and the Company. The Group and the Company recorded losses for the quarter ended 30 June 2013 of Euro 8.1 million and Euro 8.3 million respectively. For the corresponding period of last year, the Group and the Company recorded losses of Euro 10.2 million and Euro 10.4 million respectively.

“Total passengers carried during the quarter decreased by 4.5% to 279,180 as compared to 292,449 passengers carried during the quarter ended 30 June 2012. The Passenger Load Factor went down slightly from 74.9% to 73.8%. The operating revenue decreased from Eur 104.5 million to Eur 99.0 million whereas the operating cost witnessed a larger decrease from Eur 108.4 million to Eur 100.8 million.

“Total Shareholders’ Funds for the company reduced from Euro 77.1 million as at 31 March 2013 to Euro 68.3 million as at 30 June 2013 as a result of the quarterly loss. The resulting net assets per share as at 30 June 2013 was Euro 0.67 (Rs 26.89) as compared to Euro 0.75 (Rs 29.94) as at 31 March 2013.

“The company remains on track to achieve performance targets for the financial year ending 31 March 2014.”