Acsa financials – iniquitous! ACSA profits are up, way up, while passenger numbers have dropped and airlines continue to struggle against huge operational costs, fuel charges – and high airport tariffs. Figures show that, as a result of rapid increases in tariffs over the past four years, Acsa has more than doubled the revenue it built in its first 57 years, since the opening of OR Tambo International (then Jan Smuts). Acsa posted a R991 million profit for the financial year ended March 31, 2013 – a significant increase when compared with the prior year’s profit of R188m. The results were driven primarily by an increase of 27% in aeronautical revenue (passenger service charge, and aircraft landing and parking charges) as a result of the tariff increases of 67%, implemented in October 2011, and a further increase of 6,5% implemented during the 2013 financial year. “The increase in profit is an indication that the group is starting to reap the benefits of the 2006 to 2010 capital investment programme,” Acsa said. The airports company also managed to reduce its debt from R16,7 billion in 2012 to R14,8 billion in 2013. Acsa will pay 10% dividends of its profits for 2013 to its shareholders. Meanwhile, according to Acsa’s report, there has been a 3% decrease in overall passenger numbers. Domestic travel in particular declined by 5%. Acsa attributes this negative impact on passenger and air traffic movement to a sluggish GDP growth. International passenger traffic increased marginally by 1%. “Acsa is in an enviable position – R991m profit, early redemption strategy resulting in a debt reduction, the ability to pay its shareholders a dividend. The airline industry, on the other hand, continues to operate in a difficult environment with high fuel charges, weaker demand and Iata showing an average of US$4 profit per ticket. These two situations are poles apart,” said Barsa ceo, June Crawford. “Acsa has an approved 10-year plan but we have not yet had sight of it. The international airline industry, through Barsa, will be taking careful note of the content of that plan insofar as the infrastructure development and maintenance is concerned and the associated expenditure requirements,” she said.
Posted on: Mon, 09 Sep 2013 06:12:27 +0000
Trending Topics
Recently Viewed Topics
© 2015