Financial performance summary
(USD thousands) |
|||
2018 | 2017 | Change | |
Total revenue | 840,861 | 767,537 | 9.6% |
Total operating expenses | (804,355) | (704,282) | (14.2%) |
Operating profit | 36,506 | 63,255 | (42.3%) |
Operating profit margin | 4.3% | 8.2% | (3.9 pp) |
Net financing expense | (7,613) | (3,825) | (99.0%) |
Foreign exchange loss, net | (16,885) | (10,370) | (62.8%) |
Profit before tax | 12,008 | 49,060 | (75.5%) |
Income tax expense | (6,656) | (9,742) | 31.7% |
Profit for the year | 5,352 | 39,318 | (86.4%) |
Revenue
(USD thousands) |
|||||
2018 | 2017 | Change | |||
Total | % of total revenue | Total | % of total revenue | ||
Passenger revenue | 810,353 | 96.4% | 718,178 | 93.6% | 12.8% |
Cargo and mail revenue | 20,703 | 2.5% | 19,666 | 2.6% | 5.3% |
Other revenue | 9,805 | 1.1% | 21,215 | 2.7% | (53.8%) |
Gain from sale and leaseback transaction | – | – | 8,478 | 1.1% | (100%) |
Total revenue and other income | 840,861 | 100% | 767,537 | 100% | 9.6% |
Breakdown of operating expenses
(USD thousands) |
|||||
2018 | 2017 | Change | |||
Total | % of total revenue | Total | % of total revenue | ||
Fuel | 231,316 | 28.8% | 183,518 | 26.1% | 26.0% |
Handling, landing fees and route charges | 112,251 | 14.0% | 103,164 | 14.6% | 8.8% |
Passenger service | 91,016 | 11.3% | 86,635 | 12.3% | 5.1% |
Engineering and maintenance | 86,278 | 10.7% | 69,173 | 9.8% | 24.7% |
Employee costs | 80,014 | 9.9% | 71,103 | 10.1% | 12.5% |
Aircraft operating lease costs | 71,413 | 8.9% | 61,413 | 8.7% | 16.3% |
Other | 132,067 | 16.4% | 129,276 | 18,4% | 2.2% |
Total operating expenses | 804,355 | 100% | 704,282 | 100% | 14.2% |
Operating profit
(USD thousands) |
|||
2018 | 2017 | Change | |
Operating profit | 36,506 | 63,255 | (42.29%) |
Net financing expense | (7,613) | (3,825) | (99.03%) |
Foreign exchange loss, net | (16,885) | (10,370) | (62.83%) |
Profit before tax | 5,352 | 39,318 | (86.39%) |
Equity
(USD thousands) |
|||
2018 | 2017 | Change | |
Share capital | 17,000 | 17,000 | – |
Functional currency transition reserve | (9,324) | (9,324) | – |
Reserve on hedging instruments, net of tax | (62,770) | (71,465) | 12.17% |
Retained earnings | 143,746 | 150,552 | (4.52%) |
Total equity | 88,652 | 86,763 | 2.18% |