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