Nov. 9 (Bloomberg) -- Air Mauritius Ltd., sub-Saharan Africa’s fourth biggest airline, advanced to the highest level in more than one month, after returning to profit in the second quarter.
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.
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