Par Value: 5/-
Closing Price: 2.40
Total Shares Issued: 5681616931.00
Market Capitalization: 13,635,880,634
Kenya Airways PLC H1 2019 results through 30th June 2019 vs. 30th June 2018
H1 Total income 58.550b vs. 52.193b +12.180%
H1 Total operating costs [61.454b] vs. [53.218b] -15.476%
H1 Operating Loss [2.904b] vs. [1.025b] -183.317%
H1 Other costs [5.684b] vs. [2.990b] -90.100%
H1 Loss before income tax [8.562b] vs. [3.992b] -114.479%
H1 Income tax [expenses]/ credit [1m] vs. [43m] -97.674%
H1 Loss for the period [8.563b] vs. [4.035b] -112.218%
Basic loss per share [1.47] vs. [0.69] -113.043%
Diluted loss per share [1.14] vs. [0.54] -111.111%
Total Equity [16.184b]
Cash and cash equivalents at the end of the period 4.229b vs. 5.964b -29.091%
On behalf of the board of Directors, I hereby present the Kenya Airways PLC financial results for the six months period ended 30 June 2019.
I would like to point out that in turning around Kenya Airways, a deliberate decision was taken not to shrink the business but instead improve financial performance through strategic investments on growth opportunities.
Some of these investments may deny KQ and its shareholders an immediate return but are expected to yield positive results in the future.
In cognisance of these long-term investments, the Group has recorded a loss before tax of Kshs 8,562 million compared to Kshs 3,992 million reported in the same period in 2018. Some of these losses can be attributed to the return in to KQ service of two Boeing 787's that were on sub-lease to Oman Air, investment in new routes and adoption of the new International Financial Reporting Standard (IFRS 16).
IFRS 16 which came into effect in January 2019, replacing IAS 17, recognises operating leases as assets in financial statements and enables comparability between companies that lease assets and those that outrightly purchase assets.
The Group's total revenues increased by 12% to Kshs. 58,550 million. The growth was due to improved passenger, cargo and other revenue streams that were mainly driven by the positive performance of recently introduced routes
These results include revenues from routes such as New York, Libreville, Mogadishu which were opened in the second half on 2018. As a result, the Airline recorded a 6.6% increase in passenger numbers to hit 2.4 million. Passenger revenue grew 5.8% to Kshs. 42,597 million.
Despite the increase in revenues, we continue to register lower yields attributed increased competitive environment, major currency fluctuations as well as a tough local macro-economic environment.
The Group saw a 15.9 % rise in operating costs. The increase was mainly attributed to the return of two Boeing 787s that had been sub-leased to Oman Air and fuel costs which marginally increased by 5% due to increased flying. The airline, however benefitted from its fuel hedging program.
Based on the above revenue and cost dynamics, the Group recorded an Operating loss Margin of 5.6%.
Other operating highlights:
During the first half, KQ continued its network expansion drive, opening the key strategic routes - Rome, Geneva and Malindi and increasing frequencies to other key destinations. The New York City Route which was launched in October 2013 has shown a positive passenger uptake. The growth in passenger numbers is highly attributed to codeshare agreements that enable passengers to connect to other destinations in the US.
The global economic and geopolitical context remains uncertain, while Kenya Airways continues to operate in a highly competitive environment. The Group continues to invest in improvement of operations, efficient network growth and improvement of service quality and delivery.
In the next half year, the Board and Management are working on a fleet refinancing program, which once completed will improve the Group's cashflow. The impact of this program on the Group's financials will be announced to the public once the program is approved for implementation.
On behalf of the Board of Directors, I take this opportunity to express my sincere appreciation to our customers, the Government of Kenya, shareholders, management, staff, suppliers and other stakeholders for their continued support.
Kenya Airways PLC FY 2018 results through 31st December 2018 vs. 9-month through 31st December 2017
FY Total Income 114.185b vs. 80.799b +41.320%
FY Total Operating costs [114.868b] vs. [79.791b] +43.961%
FY Operating profit [683m] vs. 1.008b -167.758%
FY Other costs [6.950b] vs. [7.346b] -5.391%
FY Interest income 45m vs. 32m +40.625%
FY Loss before income tax [7.588b] vs. [6.306b] -20.330%
FY Income tax expense/ [credit] 30m vs. [112m] +126.786%
FY Loss for the period/ year [7.558b] vs. [6.418b] -17.763%
FY Gain on hedged exchange differences 1.610b vs. 1.250b +28.800%
FY Total comprehensive loss for the period/ year [5.948b] vs. [5.168b] -15.093%
FY Loss for the period attributable to owners of the company [7.554b] vs. [6.422b] -17.627%
FY Basic loss per share [1.30] vs. [1.12] -16.071%
FY Diluted loss per share [1.01] vs. [0.87] -16.092%
FY Total assets 136.634b vs. 147.623b -7.444%
FY Total equity [2.493b] vs. 4.857b -151.328%
FY Cash and cash equivalents at end of period/ year 6.431b vs. 6.356b +1.180%
On behalf of the Board of Directors of Kenya Airways Plc (KC), I am pleased to report an improved performance, with growth in revenue coupled with better managed expenditure to deliver an optimistic outlook of our turnaround plan.
I would like to highlight some changes to our financial reporting. Following the Directors resolution in 2017 to change the Groups financial year end from 31 March to 31 December, the 2018 financial statements cover a twelve month period from 1 January 2018 to 31 December while the financial statements for 2017 cover a nine month period from 1 April 2017 to 31 December 2017.
This therefore means that the 2018 results are not directly comparable with the 2017 results as it is a representation of 12 months against the 9 months in 2017. Were the 2017 results to be annualised there would be have been improvement in the results for the year. The considerations the made in preparation of the financial statements on a going concern basis are included in note 2(e) to the financial statements.
The financial statements also include a restatement of the statement of financial position as at 1 April 2017, statement of profit or loss and other comprehensive income and statement of financial position for the 9 month period ended 31 December 2017 as disclosed in note 40 of the financial statements
1. Borrowings as at 31 December 2017, the borrowings relating to aircraft acquisitions were erroneously classified as non current liabilities whereas the Airline had not met one of the covenants and as such did not have an unconditional right to defer payment for the next 12 months
2. Fleet accounting of the prepaid maintenance asset and return condition provision to recognise prepaid maintenance asset and return condition provision not accounted for in previous years and
3. Mandatory convertible note To correct the split between debt and equity in the 9 month period ended 31 December 2017.
Kenya Airways has continued to focus on delivering the turnaround programme that we embarked on in 2016. In the last year ended 31 December 2018, the capital optimisation program dubbed project safari was completed. We have also undertaken various actions to ensure financial and operating efficiency to enhance business sustainability. These undertakings include Network expansion through introduction of new routes, revenue enhancement initiatives through boosting of ancillary revenue streams, improving the customer experience, senior management changes and continued focus on cost reduction initiatives.
Within the context of the actions highlighted above, the airline announces the 2018 financial results which show that:
Growth in Revenue
Total revenue for the 12 months amounted to KShs 114.45 billion in 2018, as compared to KShs 80.79 billion for the 9 month period ended 31 December 2017.
The growth in total revenue was mainly boosted by growth in passenger revenue from KShs 63.9 billion in the previous 9 month period of 2017 to KShs 88.7 billion in the year ended December 31, 2018.
Passenger numbers were 4.84 million at close of December 2018, while the 9 month period ended 31 December 2017 recorded 3.43 million passengers.
The airline achieved a cabin factor of 77.6% (12 month period) over the reporting period, while the 9 month period ended 31 December 2017 recorded 76.2%.
In addition to the growth in passenger revenues, revenue from Cargo amounted to KShs 8.68 billion for the year ended 31 December 2018 as compared to KShs 5.7 billion for the 9 month period ended 31 December 2017.
In 2018, Kenya Airways implemented various cost cutting initiatives that enabled the airline to manage expenses despite extreme market pressures. Fuel, personnel and the cost of aircraft remain the top three drivers of airline costs contributing to about two thirds of total operating cost for the airline.
Fuel price volatility remains a major challenge for airlines around the world, and Kenya Airways is no exception. The price per barrel saw an upward trend from the beginning of the year with Brent Crude prices peaking at a three year high of USD 86 per Barrel in September 2018, before reducing in the last three months of the year to close at a low of USD 49 per Barrel in December 2018. As a result, we saw our fuel costs rise by 73.6% from KShs 19 billion incurred in the 9 month period in 2017 to KShs 33b in the full year ended in December 2018. The total cost of fuel in the 12 month period of 2017 was KShs 25.5 billion, a 30% increase.
Fleet ownership costs also increased to KShs 18.9 billion from a restated amount of KShs 12.5 billion incurred in the previous 9 month period
In total, the direct operating costs, fleet ownership costs and overheads came to KShs 115.1 billion, against the total revenue indicated above, this is a strong indication that the airline is once again able to sustain its operations for its own internally generated revenues.
Kenya Airways recorded an operating loss of Ksh 683 million and a loss before tax position of KShs 7.59 billion for the year ended 31 December 2018.
Kenya Airways will continue to implement the prudent financial management and the turnaround initiatives started in 2018. Continuous improvement of operations, efficient network growth and improvement of service quality and delivery are necessary to enable the airline to hold its own in a highly competitive environment.
In line with global practice, Kenya Airways has embraced the unbundling of products and services and will be introducing several measures to grow its ancillary revenue. Kenya Airways is also focusing on reducing its operating costs while paying close attention to customer delight initiatives.
On behalf of the Board of Directors, I take this opportunity to express my sincere appreciation to our customers, the Government of Kenya, shareholders, management, staff, suppliers and other stakeholders for their continued support.
29th April 2019
its a real long journey back to profitability and it needs to staunch the Balance sheet erosion.
H1 Total income 52.193b vs. 50.601b +3.146%
H1 Total operating costs [53.218b] vs. [51.333b] +3.672%
H1 Operating Loss [1.025b] vs. [732m] -40.027%
H1 Other costs [2.990b] vs. [5.099b] -41.361%
H1 Loss before income tax [3.992b] vs. [5.771b] -30.827%
H1 Income tax [expenses]/ credit [43m] vs. 103m -141.748%
H1 Loss for the period [4.035b] vs. [5.668b] -28.811%
Basic loss per share [0.69] vs. [15.16] +95.449%
Diluted loss per share [0.54] vs. [15.16] +96.438%
Cash and cash equivalents at the end of the period 5.964b vs. 8.777b -32.050%
30.8% improvement in its net results for the 6 month period
Net loss before Tax -3.992b versus -5.771b
Passenger numbers 2.3m +6.6%
Cabin Factor +2.8 points to 75.9%
Direct operating costs +13.9% due to fuel.
Kenya Airways Chairman Michael Joseph The last 6 months have been an interesting period for KQ, there is positive energy and we are taking steps to turn the airline around."#KQResults.
The lowest EBIT margins are in Africa, despite growth in GDP, the market is not growing. This is a signal that we need to analyze how the market is evolving. CEO Sebastian Mikosz.
We carried 2.3 million passengers, achieved a cabin factor of 75.9% and on time performance of 82% within the last 6 months. KQResults.
Its a little like turning an Oil Tanker
Kenya Airways PLC 9 Month Results through 31st December 2017 vs. 31st March 2017
Total Income 80.799b vs. 106.277b -23.973%
Total Operating costs [79.493b] vs. [105.380b] -24.565%
Operating profit 1.306b vs. 897m +45.596%
Other costs [7.275b] vs. [11.099b] -34.454%
Loss before income tax [5.969b] vs. [10.202b] -41.492%
Loss for the period/ year [6.081b] vs. [9.956b] -38.921%
Gain on hedged exchange differences 1.250b vs. 708m +76.554%
Total comprehensive loss for the period/ year [4.831b] vs. [9.248b] -47.762%
Basic loss per share [1.04] vs. [26.61] +96.092%
Diluted loss per share [0.81] vs. [26.61] +96.956%
Cash and cash equivalents at end of period/ year 6.356b vs. 9.186b -30.808%
KENYA AIRWAYS domestic traffic dropped by 20 per cent during the prolonged election period last year. @bd_africa
These were our financial highlights taking into account operations, staffing as well as tax. #KQResults @kenyairways
We faced a number of challenges in the period. These were the most notable of them. #KQResults
The fuel price increase and prolonged electioneering period had the biggest impact on #KQResults @KenyaAirways CEO Mikosz @bankelele
2017 started on a good note but was later affected by the political climate in the country from August into the end of the year. However, we recorded improvements in our numbers. Chairman, Michael Joseph. #KQResults
3.4 Million passengers flew @KenyaAirways #KQResults @VinieO
Looks like it slowed down big in Q3/Q4 2017.
We need to understand how much room there is on the balance sheet.
Kenya Airways HY 2017 Results through 30th September 2017 vs. 30th September 2016
HY Revenue 54.518b vs. 54.748b -0.420%
HY Operating costs [53.075b] vs. [53.799b] -1.346%
HY Operating profit 1.443b vs. 949m +52.055%
HY Operating margin 2.65% vs. 1.73% +0.920%
HY Other costs [5.212b] vs. [5.675b] -8.159%
HY Loss before income tax [3.769b] vs. [4.726b] -20.250%
HY Loss after tax [3.802b] vs. [4.783b] -20.510%
HY Total comprehensive loss for the year [3.212b] vs. [3.238b] -0.803%
HY Loss per share [2.54] vs. [3.20] -20.625%
Total assets 142.012b
Cash and cash equivalents at the end of the period 6.986b vs. 12.425b -43.775%
Operating profit up 52% to 1.443b
Fleet costs lower by 21.9%
Overheads decreased by 8.9%
Loss after Tax reduced by 20.5% to 3.8b versus 4.78b
Improved results, better optimised balance sheet should afford some oxygen but its a long haul back to Par.
@KenyaAirways operating performance
Operating profit grew by 52% to Kes 1,443 Million,overheads down by 8.9%, with a 20.5% decrease in loss after tax #KQResults
Our cabin factor is up by 5.4% to 76.9%,passenger numbers by 3.3% to 2.3 Million as well as a 6.7% increase in Intra Africa traffic #KQResults @KenyaAirways
@KenyaAirways connects over 12,000 guests daily,with 140 landings and take offs to 53 destinations across the network #KQResults
.@KenyaAirways chairman Michael Joseph This is a long hard road. Its probably going to be a 6 12 month journey if not longer before we see the results. johnaglionby
FY Revenue 106.277b vs. 116.158b -8.507%
FY Operating costs [105.380b] vs. [120.251b] -12.367%
FY Operating profit/ [Loss] 897m vs. [4.093b] +121.915%
FY Operating margin 0.84% vs. [3.52%] +4.360%
FY Other costs [11.099b] vs. [22.006b] -49.564%
FY Loss before income tax [10.202b] vs. [26.099b] +60.910%
FY Loss after tax [10.207b] vs. [26.225b] +61.095%
Loss per share [6.82] vs. [17.53] -61.128%
Total Assets 146.144b vs. 155.685b -6.128%
Equity [44.915b] vs. [35.667b] +25.929%
Cash and cash equivalents at the end of the year 9.177b vs. 4.827b +90.118%
Number of outstanding shares 1,496,469,035
Kenya Airways recorded an operating profit of 897m Year ended 31st March 2017 an improvement of 5b over previous year
Passenger numbers grew 5.4% to 4.46m
Cabin Factor up 400 basis points to 72.3%
Yield down 7.4% driven by market capacity pressure, fuel and currency
Fleet costs lower by 47.5% with fleet rationalisation
Gross Profit +35.7%
Loss after tax reduced by 61% to 10.2b from 26.2b
Overheads however went up by 8.7% compared to prior year mainly due to one off impact of restructuring costs
Finance costs increased 4.1% yy to KES 7.3bn.
FX losses decreased 62.4% yy to KES 4.1bn compared to KES 10.9bn in FY16.
Fuel derivative gains of KES 312m were recorded compared to a loss of KES 4.2bn in FY16.
Some of My Tweets from the Investor Briefing
.@michaelj2 @KenyaAirways we are starting to see more than just light at the end of the tunnel
We are getting to the end of our capital restructuring exercise @KenyaAirways Chairman @michaelj2
.@KenyaAirways CEO Mbuvi Ngunze The Turnaround is truly embedded. A lot of People had buried KQ 2 years ago. We are winning today
Winning in Africa is key for us at @KenyaAirways intra African traffic +13% Mbuvi Ngunze CEO
.@KenyaAirways 4.081b currency losses reports 10.207b FY Loss
We are moving up says @KenyaAirways CEO
We know how to do business in Africa, 60% of our revenues are from Africa @KenyaAirways CEO Mbuvi Ngunze
A meaningful improvement and surely an Earnings inflexion point.
Capital Restructuring now about 2 months away. That will be dilutive
These were a sharply improved story.
H1 Revenue 54.748b vs. 56.720b -3.477%
H1 Direct costs [32.758b] vs. [34.794b] -5.852%
H1 Fleet ownership costs [8.497b] vs. [13.143b] -35.350%
H1 Overheads Other [10.446b] vs. [10.959b] -4.681%
H1 Total operating costs [53.799b] vs. [58.896b] -8.654%
H1 Operating profit [Loss] 949m vs. [2.176b] +143.612%
H1 Finance costs [3.752b] vs. [3.476b] +7.940%
H1 Fuel derivatives [251m] vs. [1.312b] -80.869%
H1 Other costs [1.677b] vs. [4.897b] -65.755%
H1 Loss before income tax [4.726b] vs. [11.856b] +60.138%
H1 Loss after tax [4.783b] vs. [11.952b] +59.982%
H1 Net profit margin [8.71%] vs. [21.1%] -12.400%
H1 Loss per share [3.20] vs. [7.99] -59.950%
H1 Gain [loss] on hedged exchange differences on borrowings 1.545b vs. [15.047b] -110.268%
H1 Total comprehensive income for the period [3.238b] vs. [27.898b] -88.393%
Total assets 158.568b vs. 158.415b +0.097%
Total equity [38.905b] vs. [35.667b] -9.078%
Cash and cash equivalents at the end of the period 12.425b vs. 7.467b +66.399%
Kenya Airways records an operating Profit of 949m
Passenger numbers grew 4.2% to 2.2m
Cabin Factor +3.3% to 71.5%
14 percentage points increase in Intra Africa Traffic
Yields down 7%
Operating margin improved by 5.6 percentage points
An Improvement in the Trajectory but the big ticket challenges remain
FY Revenue 116.158b vs. 110.161b 5.444%
FY Direct operating costs [67.861b] vs. [76.059b] -10.778%
FY Fleet ownership costs [29.578b] vs. [25.932b] 14.060%
FY Overheads [22.812b] vs. [24.503b] -6.901%
FY Total operating costs [120.251b] vs. [126.494b] -4.935%
FY Operating loss [4.093b] vs. [16.333b] -74.940%
FY Finance costs [7.047b] vs. [4.734b] 48.859%
FY Finance income 8m vs. 153m -94.771%
FY Loss on fuel derivatives [4.155b] vs. [7.452b] -44.243%
FY Other costs [10.812b] vs. [1.346b] 703.269%
FY Loss before income tax [26.099b] vs. [29.712b] -12.160%
FY Loss after tax [26.225b] vs. [25.743b] 1.872%
FY Loss per share [17.53] vs. [17.21] 1.859%
FY Loss on hedged exchange differences on borrowings [7.180b] vs.
FY Loss on hedged fuel contracts 1.761b vs. [2.830b] 162.226%
FY Total other comprehensive loss [3.479b] vs. [8.449b] -58.824%
FY Total comprehensive loss for the year [29.704b] vs. [34.192b] -13.126%
FY Total assets 158.415b vs. 182.063b -12.989%
FY Cash cash equivalents at the end of the period 4.827b vs. 3.267b 47.750%
Passenger numbers increased to 4.23m 1.2% despite a reduction in
Available Seat Kilometres [ASK]
Cabin Factor 5%
Revenue 5% Operating Costs reduced by 5%
Gross profit improved 42%
Operating margin improved by 11 percentage points
Excluding one off impacts break even achieved in the year at operating profit
Loss before Tax reduced by 12%
Government of Kenya and KLM remain supportive of the companys efforts.
Operating Loss 4.1b in 2016 versus 16.3b on 2015
Cabin Factor 68.3%
9.7b impact of FX Losses
5.1b in realised fuel hedges losses
unwinding fuel hedges
Fleet Ownership costs at 29b 4b
Big improvement at the Operating level.
FX has been quantified and clocked a 9.7b loss
Hopefully they have now let their Fuel Hedges run off
FY Earnings through March 2013 versus FY through March 2012
FY Revenue 98.86b versus 107.897b -8.3755%
FY Direct Costs -77.725b versus -77.217b
FY Fleet Ownership Costs -11.178b versus -9.970b
FY Overheads -19.469b versus 19.404b
Operating [Loss] Profit -9.012b versus +1.306b
FY Finance Costs -1.907b versus -1.341b
Realised Gain on Fuel Derivatives 602m versus 2.508b
Other Costs -1.930b versus -571m
FY PBT -10.826b versus +2.146b
FY PAT -7.864b versus +1.660b
FY EPS -6.35 versus +3.58
Summary Consolidated Statement
Surplus on Revaluation of Property and Equipment 5.082b
Cash and Cash Equivalents at End of Year 14.393b versus 6.840b
Referring to Travel Advisories
The Run Up to the Elections in Kenya
Passenger Traffic Growth Trends remain positive in ME Asia Far East Africa
Capacity into Europe reduced 22%
Fuel Costs 38.5% of Total Operating Costs
826m Staff Rationalisation Costs
These Results were telegraphed at the H1 Stage and therefore were a Known Known.
In fact, notwithstanding the tricky H2 Backdrop [Travel Advisories and the Election Period in Kenya] Kenya Airways posted a material improvement in the Second Half and pared Costs a great deal, which positions it for the Rebound.
The Core African Franchise was firm.
Rest of Africa expanded 300 basis Points to 51% for 48%.
Kenya expanded to 6% from 5%.
The Reconfiguration of the Fleet will improve Fuel Efficiency by about 20% and reduce Maintenance Costs.
The AFREXIM Bank 2b dollars Loan [which extended to Financing PDPs] the Rights Issue Proceeds means Kenya Airways has enough Cash in hand which was a concern.
It was a clearly an Annus Horribilis but I feel Kenya Airways is optimised to rebound hard.
H1 Earnings through September 2012 versus H1 through 2011
Passenger 43.645b versus 48.587b -10,171445%
Cargo and Mail 4.913b versus 4.296b +14.3621973%
Total Revenue 49.832b versus 54.932b -9.284205%
Direct costs [39.877b] versus [39.521b] +0.9007%
Fleet Ownership Costs [5.345b] versus [4.934b] +8.3299554%
Overheads [10.143b] versus [9.458b] +7.242545%
Total Expenses [55.365b] versus [53.913b] +2.693227%
Operating Loss [Profit] [5.533b] versus 1.019b -642.9833169%
H1 PBT [-6.589b] versus 2.825b
H1 PAT [-4.788b] versus 2.034b
H1 Earnings Per Share [-4.85] versus 4.40
Cash Flow Hedges [2.041b] versus [7.786b]
Loans raised 8.623b
Fuel Costs are 38.7% of Total Operating Costs
Company issues a Profits Warning for FY Ending March 2013
The global airline industry was impacted by the economic downturn and austerity measures in Europe and high prices of jet fuel, the company
said in a statement to the Nairobi Securities Exchange.
Profit in the global airline industry is expected to more than halve to $4.1 billion this year from $8.4 billion in 2011, according to the
International Air Transport Association.
Kenya Airways is always high Beta. They are citing European Weakness and have issued a FY Profits Warning. They have embarked on a
Scaling Bulking Up and the Open Question remains when that will impact the Bottom Line and inflect the Earnings Trajectory.
FY 2011 Results versus FY 2010 Swot Analysis
Passenger Turnover 75.355b versus 62.838b
Cargo and Mail 6.522b versus 5.434b
Total Turnover 85.836b versus 70.743b +21.00%
Operating Profit 5.815b versus 1.839b
Operating Margin 6.8% versus 2.6%
PAT 3.538B versus 2.035b
EPS 7.65 versus 4.40 +73.86%
Final Dividend 1.50 versus 1.00 +50%
Looks like a very attractively priced share at a Trailing PE of 2.9541.
The Airline surpassed 3m Passengers
Launched 5 New Destinations
ASK Available Seat Kilometer increased by 5.5%
Southern Africa grew 16.3%
North Africa Traffic grew 25.1%
European Traffic grew 12.8%
Mid East +9.2%
Central Africa +7.2%
Domestic Kenya grew 13.7%
Overall Cabin Load Factor 69.2% versus 66.5%
Fuel Costs excluding Hedges grew 31.7% to 5.96b
These were strong Rebound Results as I had predicted in My 1st Half Analysis. Kenya Airways trades on a PE of 5.326 as at the Market Open. I expect a Push higher in the Price.
My Commentary from the 1st Half Results is here
6 Months to 30.09 2010 versus 30.09.2009
Passenger 36.739b versus 30.045b +22.27991%
Cargo and Mail 3.039b versus 2.595b +17.109%
Total Revenue 41.214b versus 33.488b +23.0709%
Total expenses 38.834b versus 33.326b +16.527%
Profit Before Tax 2.051b versus 1.229b +66.88%
PAT 1.436b versus 0.86b +66.976%
EPS 3.11 versus 1.86 +67.204%
Cash Flow Hedges -1.286b
ASK increased 3%
RPK grew by 9.3%
These are Strong 1st Half Results and if the Run Rate can be maintained We are looking at a Forward PE of 43.25 [3.11 x 2] 6.953376. That looks very inexpensive.