TAIR suffers losses of TND 22.4 million
TAIR reported a loss of TND 22.4 million for the H1 results after 15 years of uninterrupted profits. Doubling jet fuel unit price from TND 211 to TND 420 by end of June 2000 had caused 66 percent increase in fuel bills due essentially to crude oil inflation and dollar sharp appreciation against TND (by nearly 13 percent).
Depreciation costs were TND 8.4 million higher compared to last year while personal expenses increased by 7 percent in line with the governmental salaries rise. With a modest 3 percent rise in revenues due to a traffic slowdown, operating income stood at TND 20 million. Despite a net improvement in occupancy rate reaching 66 percent, and in some qualitative elements such as quality normalization and commercial alliances, the company outlook is still threatened by exogenous variables such as the US dollar (15 percent higher from June levels) and fuel price almost overtaking TND 500.
TAIR announced it would take over TUNINTER, the internal flights company, after two failed state disposal attempts. The company added it would consider thriving off the catering activity over the Tunis airport. ― ( Tustex )