Mauritius

June 13, 2012

Loss of Rs 1.2 Billion for Air Mauritius

The national airline is still not out of the turbulence. Air Mauritius has recorded net losses of Rs 1.2 billion for the entire fiscal year 2011-2012.

Like all airlines, it is the soaring fuel prices, impacting on operational costs, which falls most heavily on the accounts of the company.

The additional costs for fuel paid by Air Mauritius reached Rs 1.88 billion.

The euro-dollar also weighed in the balance. 1.4 dollar at March 31, 2011, the euro rose to Rs $ 1.3 at March 31, 2012. If the income of Air Mauritius are in euros, part of its operational costs are paid in dollars.

The turnover of the airline is worth over Rs 18 billion. Cash resources in 2012 amounted to Rs 540 million for overdrafts of around Rs 324.5 million.

To try to find a profitable situation in March 2014, Air Mauritius has implemented a transformation plan. The closure of sailings from Milan, Sydney, Melbourne in late May 2012, the Frankfurt and Geneva in late August and Durban at the end of October, a savings in operating costs. The Chief Executive Officer of Air Mauritius Andre Viljoen unveiled at the level of air access, 67% of the frequencies were not used judiciously.

An eighth strategy was announced and is grafted to seven others already set out in the third quarter of 2012 to redress the balance. This is the choice of a strategic partner. Andre Viljoen has also announced that Emirates and Air France have already shown their interest. Negotiations should begin by August. Air France, Air Mauritius already a shareholder, could increase its shareholding, Andre Viljoen said.

In a joint statement, the Chief Executive Officer and Chairman of the Board Kamal Tapoosea believe that "a view that external factors (European debt crisis, fuel prices and exchange rates) do not deteriorate, the plan transformation of the company should significantly reduce our losses this year. "It is important that we remain vigilant, particularly after the IATA raised the alert about the risks of a deterioration in the European debt crisis and its potential impact on global economic growth, and hence the performance of the airline industry this year. "

 

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