For the year ended 31 March 2016, the Group and the Company recorded profits of Eur 16.5 million and Eur 15.4 million respectively as compared to losses of Eur 23.6 million and Eur 23.7 million for the previous year.
The results for the year under review have been positively impacted by lower oil prices and an increase in passengers but tempered by the depreciation of the Euro, hedge payouts and decrease in yield. The Brent oil price which averaged USD 90/BL during 2014/15, dropped to an average of USD 50/BL for 2015/16. However, the EUR/USD parity moved down from an average of 1.27 for the financial year 2014/15 to an average of 1.10 for the financial year 2015/16.
As far as operations of the Company are concerned, the number of passengers carried went up by 9.4% to reach a record level of 1,499,411.The number of seats offered increased by 3.4% and the Passenger Load Factor increased from 73.7% to 78.7%. Operating revenue increased by 5.4% from Eur 463.1 million to Eur 488.3 million whereas the operating expenses decreased by 1.8% to reach Eur 443.9 million. Consequently, the gross profit increased from Eur 10.9 million to Eur 44.4 million.
The results would have been significantly better without the fuel hedge payouts of Eur 26.6 million effected as a result of contracts entered into in 2014.
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