Air Mauritius 1H and 2Q ending September 2012 Financial Results

Air Mauritius announced improved financial results today against a backdrop still depressed by high fuel prices, an unfavourable Euro/US dollar exchange rate and a protracted global economic crisis with Europe as epicentre. Airlines around the world remain challenged, particularly destination carriers that depend on long haul operations.

We are encouraged by the positive results returned by robust and decisive measures taken as from the beginning of the year under our 7-Step Recovery Plan. Bottom line performance for the 2nd Quarter has improved by EUR 8.0 million to a profit of EUR 1.2 million. Financial results for the 6 months ending September 2012 remain negative as the 2nd Quarter only partially compensates for the traditionally weak 1st Quarter low season of the Financial Year.

Measures to concentrate the network and rebalance growth to emerging markets are shaping up and have compensated for the decline in traffic from Europe. The semester ending September 2012 saw a slight growth of 0.3% in the number of passengers carried. Revenue indicators are improving. Air Mauritius resisted a highly unfavourable exchange rate that has affected the results due to the continuing depreciation of the Euro against mainly the US Dollar and the Mauritian Rupee since the corresponding semester of last year.

The remaining measures of the 7-Step plan are well in motion. The whole company is now engaged in a programme to step up service as we also look to reinforce the company’s performance culture. The 2nd quarter results are concrete signs that we are heading in the right direction towards recovery.”