INTERIM FINANCIAL STATEMENTS AS AT 30 SEPTEMBER
2014
Air Mauritius Group and Company results for the Quarter
ended 30 September 2014
For the quarter ended 30 September 2014, the Group and the
Company recorded profits of Eur 0.5 million and Eur 0.6
million respectively. For the corresponding quarter of last
year, the Group and the Company had recorded profits of Eur
5.0 million and Eur 4.9 million respectively.
The result of the quarter under review has been significantly
affected by the depreciation of Euro. The Euro/USD parity
moved from 1.36 in July 2014 to 1.27 at the end of September
2014 resulting in a loss on exchange on revaluation of
monetary assets and liabilities of Euro 2.2 million as
compared to a gain of Euro 1.9 million for the corresponding
quarter of last year. The resulting net swing of Euro 4.1
million is largely accountable for the reduction in profitability.
A second direct weekly flight to Beijing was launched in July
2014 in addition to the three weekly direct flights to Shanghai
in operation since January 2014. Our operations to mainland
China have not yielded the expected result showing significant
drop in the passenger load factor when compared to the
corresponding quarter of last year.
Total passengers carried during the quarter increased by 0.8%
to 342,323 as compared to 339,688 passengers carried during
the quarter ended 30 September 2013. The Available Seat
Kilometres (ASK) went up by 3.3% whilst the passenger load
factor dropped from 77.1% to 74.3% when compared to the
corresponding quarter of last year.
Operating revenue
increased from Eur 118.4 million to Eur 124.8 million whereas
operating expenses went up by Eur 7.0 million to reach Eur
115.6 million.
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Air Mauritius Group and Company results for the half year
ended 30 September 2014
The profit recorded in the second quarter reduced the Group
and the Company losses for the half year ended 30 September
2014 to Eur 6.2 million and Eur 6.3 million respectively.
For the corresponding period last year, the Group and the
Company had recorded losses of Eur 3.1 million and Eur 3.3
million respectively.
The loss on exchange on revaluation of monetary assets and
liabilities for the semester amounted to Eur 2.6 million as
compared to a gain of Eur 2.2 million for the corresponding
semester of last year. The resulting net swing of Eur 4.8
million is largely accountable for the increased loss recorded.
The number of passengers carried went up by 3.6% to reach
641,158 as compared to 618,797 during the half year ended
30 September 2013. The Available Seat Kilometres (ASK) went
up by 4.6%.
Operating revenue of the Company went up by Eur 11.7
million to reach Eur 229.1 million whereas operating expenses
increased by Eur 9.7 million from Eur 209.4 million to Eur
219.1 million. The Gross and Operating profits continue to
improve.
Shareholders’ Funds
In spite of the positive results for the second quarter, losses
brought forward from the first quarter reduced the total
Shareholders’ Funds for the Company from Eur 83.7 million
as at 31 March 2014 to Eur 75.5 million as at 30 September
2014. Consequently the net assets per share as at 30
September 2014 is Eur 0.74 (Rs 29.28) as compared to Eur
0.82 (Rs 33.77) as at 31 March 2014.
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Outlook
The depreciation of the Euro will continue to impact the
results of the company; however, this may be mitigated by the
recent fall in price of fuel. The company, on the other hand,
has been proactive in implementing a series of initiatives to
boost up traffic on its network in the wake of fiercer
competition on major routes.
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