Tuesday, August 16, 2011

SWISSPORT - Unaudited Financial Results for the 6 Months Ended 30 June 2011

Swissport Tanzania Ltd, an aviation services provider to Julius Nyerere and Kilimanjaro International airports is pleased to announce its un-audited financial results for the six months ended on 30 June 2011. During this period, the number of flights handled increased by 30% while the volume of cargo handled increased by 31% when compared to the same period last year. On the other hand, total revenue increased by 42% while operating costs increased by 39%. Profit before tax increased by 44% from TAS 2,765M during the first half of 2010 to TAS 3,990M. This solid result was due to the increase in frequencies and the use bigger aircraft by our customer airlines, good performance of Swissport Executive Aviation Unit, increase in the number of freighters, increase in the importation of cargo and enhanced operational efficiency. Depreciation of the shilling against the major currencies also contributed to this performance. 

Ground handling market liberalizationWe are aware that further liberalization of the ground handling market is imminent therefore, we are continuing to take steps and lay down strategies that will ensure our company is able to compete effectively and sustain its good financial performance. Inadequate airports terminal infrastructure will however remain to be a major challenge to our business if this problem is not going to be addressed by the Government.Dividends to ShareholdersDue to the good performance, the Board is delighted to announce an interim dividend of TAS 2,170M or TAS 62.27 per issued and fully paid share (2010 – TAS 1,530M or TAS 42.50 per share). Pursuant to this declaration, the share register will close on 6 September, 2011 and the last day of trading cum dividend shall be on 26 August, 2011. The interim dividend will be paid out on or about 2 November, 2011.OutlookDespite of the uncertainties facing the airline industry globally we are optimistic that our company’s performance for the second half of the year will remain solid. 

Juan Jose Andres AlvezBoard Chairman9 August, 2011

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