Comair final results June 2018
Revenue for the year rose to R6.5 billion (R6.1 billion) whilst profit from operations jumped to R670.6 million (R637.8 million). Profit attributable to owners shot up to R324.5 million (R296 million). In addition, headline earnings per share were higher at 69.5 cents per share (67 cents per share).
Notice is hereby given that a final gross cash dividend of 17.00000 cents per ordinary share has been approved and declared by the Board which is payable to shareholders for the financial year ended 30 June 2018. The dividend has been declared out of income reserves.
While profits for the year were good, we are still not achieving the margins that will allow for the optimum pace of upgrading the fleet. The current weak economy is expected to maintain pressure on consumer spending while the oversupply of seats in the domestic market continues to place downward pressure on pricing across most routes. The ongoing investment in new aircraft remains a key competitive differentiator for Comair, particularly in an environment of higher oil prices and a poor exchange rate. Comair is therefore well placed to operate in these conditions, with strong brands, committed staff, effective equipment, an efficient cost base, strong cash reserves and investment into the diversified, non-airline segment of the business, which is progressing well and will receive ongoing focus.