Originally Posted by
Roger
From the table accompanying the Dec release - all figures for the group, i.e. total sales and are as follows where X - last years sales YTD.
RPK's are up 5.5% so X x 1.055 = 1.055. "Removing the impact of foreign exchange group wide yields YTD have decreased 7.9%"
Therefore 1.055 X at 7.9% lower average yield gives 1.055 x .921 = X = 0.971655.
Note you do not need to account for lower loads as this is already factored into RPK's, i.e. RPK's are not revenue per available seat kilometers (RASK's).
Therefore passenger sales have fallen 2.83% in currency adjusted dollar terms for the year to date, (a vastly different figure than what has been inaccurately reported today). That still leaves freight, engineering and other sales and the profit they made on the disposal of their stake in VAL this half as compared to the carrying value as at 30 June 2016.
Of course they flew further but were using more efficient planes and fuel was cheaper than last year.