1TM
1TM
1TM - 1time Holdings Limited - Operational Update
1time Holdings Limited
Incorporated in the Republic of South Africa
(Registration number 1999/017536/06)
(Share code: 1TM ISIN: ZAE000102026)
("1time" or "the company" or "the group")
OPERATIONAL UPDATE
Transfer of Listing
1time is pleased to inform shareholders that the transfer by 1time from the AltX
to the Main Board of the JSE Limited has been successful, with average daily
trading volumes having increased some 30% since 1time`s transfer on 5 July 2010.
1time Airline
Airline revenue and passenger numbers increased for the six months ended 30 June
2010 when compared to the same period last year. The revenue increase was
however largely offset by an increase in fuel costs and airport costs.
In line with the successful hosting of the FIFA 2010 Soccer World Cup by South
Africa, revenue in June was better than previously expected but was offset by an
unusually quiet May for corporate travel.
1time`s first flight to Maputo will commence in August 2010, offering airfares
50% lower than our competitors. The airline now operates 11 routes, with over
1,300 flights per month and will carry close on 2 million passengers in 2010.
Maintenance
Safair Technical, the aircraft maintenance subsidiary, has not achieved
profitability for the six months ended 30 June 2010. Management has however
during June implemented a cost reduction programme including head count
reduction as permitted 1 year after the merger and it expects to return to
profitability in the second half of the year.
1time Charters
As with 1time Airline, the group`s charter division increased volumes during the
World Cup which is expected to contribute positively to the group`s overall
performance for the period. This division now has additional capacity which will
further increase its contribution to the group
Johannesburg
21 July 2010
Designated Adviser
Merchantec Capital
Date: 21/07/2010 14:02:01 Produced by the JSE SENS Department.
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