South African Airways (SAA) has announced a 77% increase in net profit for the 2010-2011 financial year ending on March 31, 2011.

SAA's Head of Australasia, Thevan Krishna, said SAA had achieved a net profit of R782m, up from R442 achieved in the previous year.

“These are very positive results for SAA as we continue to expand our route network, enhance our product and service offering and take advantage of increased tourism and business traffic on the African continent,” Thevan said.

Thevan said that despite the aviation market experiencing a patchy recovery from the GFC, turnover from passenger revenue increased by 6% to R18 billion while costs rose 5%. Net retained earnings were R681 million, exceeding a target of R201 million.

“One major factor was South Africa’s hosting of the Football World Cup which attracted many thousands of additional visitors while showcasing South Africa’s world-class recreational tourism and transport infrastructure. There is no doubt last year’s event put us on the map, and we have seen a sharp uptake in visitor enquiry since then,” he said.

“Our areas of focus for the next year are to substantially grow our African network to ensure prominence on the continent in the future and to help boost the travel and tourism industry.”