S. African Airways Profit Up 45% As Fuel Prices Fall
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South African Airways, the biggest airline in Africa, said fiscal full-year profit rose 45 percent as lower fuel prices helped counter falling passenger and cargo levels.
Net income climbed to 581 million rand ($81.3 million) in the 12 months though March from a restated 402 million rand a year ago, the Johannesburg-based, state-owned airline said in a statement handed to reporters today. Average fuel prices fell 25 percent in the period, the company said. Passenger figures fell by 2.4 percent, while cargo revenue slipped 14 percent.