Higher costs, fewer passengers hurt 1Time

It says that the airline incurred a loss of R35,5-million for the six months to June. Passenger demand was down by 6% from what 1Time calls "abnormally low" levels. Moreover it says that the 24% increase in airport charges resulted in costs increasing by R12-milion.

The average fuel price - in Rand terms - increased by 28% pushing up the airlines fuel costs by R56,5-million.

Business Report says 1Time's cash generated from operations plummeted from R46,3-million a year ago to just R4-million in the first six months of this year. A report published on Business Live last month confirmed that 1Time was stopping all flights to Maputo at the end of August.

• Read the Business Report article.
  
• Read the article on Times Live.
  
• Read about 1Time Holdings.