Comair has reported a massive rise in profitability, with headline earnings up from R18m in 2012 to R231m in the current year, ending June 30; this despite a drop of 5% in domestic passenger numbers.

Revenue grew by 29% to R5,38bn from R4,16bn in 2012. Earnings per share increased from 1,6 cents in the comparative period to 47 cents for the year under review.

The increase in turnover was mostly as a result of increased ticket prices “in response to exchange rate related cost inflation as well as improved inventory management”, the airline said in a statement.

It added: “The exit of the last remaining privately owned competitor airline helped to restore seat occupancy to prior year levels.”

1time fell in November 2012.

The airline added that the increase in turnover was as a realisation of its strategy, implemented from the end of 2011, to address high operating costs, driven mainly by the escalating fuel price and exchange rate. This included a freeze on all non-critical costs, the implementation of Sabre’s enterprise system platform, and taking delivery of four more fuel-efficient new Boeing 737-800 aircraft towards the end of 2012.