Comair profit jumps 184% thanks to R1bn from SAA

Atmosphere Communications

In its results for the year to end-June, Comair Limited [JSE:COM] announced that its headline earnings per share were184% higher than in the previous year.

This is a “direct consequence” of a massive payout it is getting from SAA. Comair, which operates kulula and British Airways in Southern Africa, won a legal settlement from SAA after a fight about SAA's incentive scheme for travel agents, which was in place from 2001 to 2006.

Comair contended that the scheme was in breach of the Competition Act, and won R1.1bn plus interest - as well as legal costs.

Read: Comair: We have been profitable for 72 years

Comair's revenue increased by 9% to R7.1 billion.


ZAR/USD
16.98
(+0.32)
ZAR/GBP
21.17
(+0.34)
ZAR/EUR
19.08
(+0.53)
ZAR/AUD
11.73
(+0.44)
ZAR/JPY
0.16
(+0.56)
Gold
1778.05
(+0.60)
Silver
18.05
(+0.43)
Platinum
806.01
(-1.46)
Brent Crude
42.09
(+1.84)
Palladium
1903.00
(+0.34)
All Share
54733.97
(+1.76)
Top 40
50430.58
(+1.73)
Financial 15
10223.23
(+2.21)
Industrial 25
76253.64
(+1.36)
Resource 10
50768.18
(+1.58)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
I'm not really directly affected
18% - 1538 votes
I am taking a hit, but should be able to recover in the next year
23% - 2000 votes
My finances have been devastated
34% - 3003 votes
It's still too early to know what the full effect will be
25% - 2182 votes
Vote