1time Holdings on Thursday reported a 91% surge in headline earnings per share to 6,7 cents for the six months ended June from 3,5 cents a year ago. In line with its strategy to reinvest in the group in order to sustain growth, no dividend has been declared.
Attributable earnings grew by 27% to R12-million.
The group said the strong earnings growth was achieved on the back of 36% revenue growth to R302-million, a 25% increase in 1time Airline passengers and significant growth in third-party aircraft-maintenance demand.
1time Holdings listed on the JSE’s AltX on August 14, raising R30-million in share capital that has been used towards the acquisition of two additional MD87 aircraft and to expand the Aeronexus Technical hanger capacity.
The group said that by the fourth quarter of this year the full fleet of eight MD80 variant aircraft will be operational in the 1time Airline fleet and the four DC9 aircraft deployed in the 1time Charter business.
The eight MD80 aircraft in the 1time fleet are all stage three — noise and emission — compliant and will be younger than the average age of the fleets of aircraft currently operated by most of its competitors.
Looking ahead, the group said prospects for the second half remain positive. 1time Airline is expected to continue to grow its market share in the seasonally stronger second half of the year.
Aeronexus Technical is expected to benefit from continued strong demand for aircraft-maintenance services from third-party airlines for the remainder of the year.
In the absence of any unexpected events or changes in the current trading and cost environment, the directors remain confident that the R25-million earnings forecast for the year to December 2007 included in the listing prospectus will be achieved. — I-Net Bridge