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1Time does down

By unknown | Mar 26, 2009 | COMMENTS [ 0 ]

2008 was the most turbulent year in aviation history, 1time airline said as it released its annual results.

2008 was the most turbulent year in aviation history, 1time airline said as it released its annual results.

"The year was characterised by exceptional revenue growth, unprecedented fuel price increases, currency volatility and the global credit crunch," the low-cost airline said yesterday in a statement.

However, it added that its results had been "satisfactory" in spite of reporting a loss.

The fall in headline earnings from R29,9 million last year to R0,97 million for the year was largely due to the R17,9 million foreign currency translation charge caused by the dramatic weakening of the rand in the last quarter of 2008, it said.

There was also a R10,8 million impairment loss on the four DC9 aircraft held for sale that had to be taken into consideration.

According to 1time, the domestic air travel market, as measured by passenger departures at all Airports Company of SA airports, decreased from 13,1 million passengers in 2007 to 12,3 million in 2008.

"This is the first contraction in the domestic market after an average 15 percent increase per year for the previous five years."

The decline in the overall market demand was attributed to a combination of fuel-induced higher airfares, lower gross domestic product growth and the credit crunch.

1time said the contraction was severe in the second half of 2008. However, despite the market contractions, 1time managed to grow its passenger numbers by 18 percent to 1,6 million for 2008.

"These market share gains by 1time have been achieved largely due to a focused strategy to entice business travellers from the higher airfare legacy carriers."

The airline said its first regional route to Zanzibar was performing well and it had an application pending to expand to Livingstone, Zambia, as well. - Sapa


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