Mozambican air carrier LAM posts turnover of US$42.5 million in first half

17 September 2010

Maputo, Mozambique, 17 Sept – Mozambican airline, Linhas Aéreas de Moçambique (LAM) posted turnover in the first half of 2010 of 1.5 billion meticals (US$42.5 million), said the company’s chairman, José Viegas, cited by the Mozambican press.

According to Viegas, the level of turnover was due to growth in the same period of operations in the domestic market of 23 percent and of 28 percent in the global market, as well as the company posting a productivity increase of 21 percent by hours flown.

Speaking at the launch of Crediviagem, a card that offers interest-free credit to Lam customers and with the possibility fo paying for the journeys in installments, Viegas said that this scenario should not be “viewed in a euphoric way” as an increase of 40 percent in fuel costs as well as the dpereciation of the metical were hjaving a significant impact on the airline’s business.

Viegas and the chairman of Banco Comercial e de Investimentos, Ibrahim Ibrahim, signed an agreement via which the two companies will allow their customers to pay for their travel in instalments, using the Crediviagem card.

The card, according to Ibrahim, provides an interest-free credit line for a period of 45 days, which is permanently available to LAM customers allowing them to pay for their journey regardless of their current finances, and the initiative is available to both individual and corporate customers. (macauhub)