The stock rose 5 percent, the most since Sept. 19, to 10.50 rupees by 10:54 a.m. in Port Louis, the capital. The number of shares traded was more than six times the three-month daily average volume, according to data compiled by Bloomberg.
Net income for the three months through September was 1.27 million euros ($1.62 million), compared with a loss of 7.69 million euros a year earlier, Chief Executive Officer Andre Viljoen announced yesterday. Air Mauritius has embarked this year on a recovery plan which includes purchases of more fuel- efficient aircraft, cost management and focus on more profitable routes. It targets a return to full-year profitability by fiscal 2014.
“The airline is moving on improved financials,” said Bhavik Desai, a research analyst at the city-based Axys Stockbroking Ltd. “Their recovery plan seems to have a positive impact on the cost side.”
Revenue declined 3 percent to 112.9 million euros, Viljoen said.
To contact the editors responsible for this story: Antony Sguazzin at firstname.lastname@example.org