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Nadine Mather and Chloë Loubser
Higher costs, fewer passengers hurt 1Time
High fuel prices, increased airport taxes and poor demand from passengers has result in a headline loss of 8,3-cents a share for 1Time according to an article published in Business Report.
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.
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