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Comair posts earnings jump after settlement

SAA paid R1.1bn to Comair in settlements.
Comair's Heps increases after reaching settlement with SAA in a case concerning SAA's travel agent incentive scheme. Image: Supplied

South African airline Comair on Tuesday reported a jump in annual profit helped by a R1.1 billion settlement in an anti-competition case with embattled South African Airways (SAA).

Its headline earnings per share (Heps) rose to 197.2 cents from 69.5 cents per share for the year to June 30, Comair said in an updated trading statement.

Heps strips out certain one-off items and is the main profit measure in South Africa.

In February South Africa’s competition body ordered SAA to pay Comair R1.1 billion ($78 million) in a dispute that dates back more than a decade involving SAA’s travel agent incentive schemes.

The firm said the affects of the settlement would be fully disclosed in financial results to be released on Tuesday.

Comair operates flights in southern Africa under a licence from British Airways. 

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