Comair profit jumps 184% thanks to R1bn from SAA

News24
17 Sep 2019, 13:13 GMT+10

In a trading update on Tuesday morning - released hours before its results for the year to end-June are due - Comair Limited [JSE:COM] announced on that its headline earnings per share will be 184% higher than in the previous year.

This is a "direct consequence" of a massive payout it is getting from SAA. Comair, which operates kulula and British Airways in Southern Africa, won a legal settlement from SAA after a fight about SAA's incentive scheme for travel agents, which was in place from 2001 to 2006.

Comair contended that the scheme was in breach of the Competition Act, and won R1.1bn plus interest - as well as legal costs.

Read: Comair: We have been profitable for 72 years

Its results will be released later on Tuesday. Comair is expected to give more details about its contract with Boeing for eight of its controversial 737 MAX 8 planes. Comair ordered these planes before they were grounded around the world following the crash of an Ethiopian Airlines 737 MAX 8. Comair has already taken receipt of one of the plane, which has not been in the air since March.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to International Travel News.

More Information

null in null

Business

Section

Bitcoin soars to a record on Trump policies, institutional demand

NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...

Huawei eyes new buyers for AI chips amid U.S. export curbs

SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...

U.S. food prices at risk as Brazil tariff hits key imports

LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...

WK Kellogg sold to Ferrero as food giants chase shelf power

BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...

Filmmaker joins biotech effort to bring back extinct giant bird

WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...

India seeks WTO nod for retaliatory tariffs on US

NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...

Travel and Tourism

Section

Travelers can now keep shoes on at TSA checkpoints

WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...

Sarbananda Sonowal envisions BIMSTEC Pact as blueprint to transform Bay of Bengal into global trade and tourism hub

Vishakhapatnam (Andhra Pradesh) [India], July 15 (ANI): The Union Minister of Ports, Shipping & Waterways (MoPSW), Sarbananda Sonowal,...

UAE: CM Mohan Yadav attends 'Madhya Pradesh Business Investment Forum' Program

Dubai [UAE], July 14 (ANI): Madhya Pradesh Chief Minister Dr Mohan Yadav attended the 'Madhya Pradesh Business Investment Forum Program'...

Union Minister Sarbananda Sonowal launches capacity-building initiatives worth Rs 276 Crore at Visakhapatnam Port

New Delhi [India], July 14 (ANI): Union Minister of Ports, Shipping & Waterways, Sarbananda Sonowal launched multiple Capacity Building...

Logistics, supply chain infrastructure, foreign investment feature as key avenues of discussion during MP CM Yadav's UAE visit

Dubai [UAE], July 14 (ANI): Madhya Pradesh Chief Minister Dr Mohan Yadav held wideranging interactions with industry experts for bringing...

DGCA asks airlines to conduct fuel switch inspections on Boeing aircraft by July 21

By Shafali Nigam New Delhi [India], July 14 (ANI): India's civil aviation regulator, Directorate General of Civil Aviation (DGCA)...