Air Mauritius said Monday it made a net loss of EUR13.19 million euros (USD$18.57 million) for the first quarter ending June 30, mainly due to the global economic picture, a high fuel bill and H1N1 flu.
The Indian Ocean island's national carrier said it made a loss of EUR11.12 million during the same period in 2008.
"Two factors in particular contributed to this result: firstly the fall in passenger and freight traffic and (secondly) the cost of fuel hedging (EUR12.2 million) and its unwinding (EUR4.8 million)," the company said in a statement.
Last year, the airline hedged its fuel bill at USD$105 per barrel as the price of oil surged beyond USD$140. Oil fell to a two-week low below USD$66 a barrel on Monday.
"The unrealized losses on unexpired fuel hedge contracts stood at EUR32.6 million as at June 30 2009 compared to EUR72.2 million at March 31 2009," the company said.
Falling passenger numbers compounded the company's woes.
Between April and June this year the airline carried 225,342 passengers -- with a passenger load factor of 74.9 percent -- compared with 271,275 during the corresponding period in 2008.
The company said revenue for the quarter fell 19.53 percent to EUR74.52 million against last year.
The island, best known for its azure waters and luxury spas and resorts, has suffered as the global slowdown buffets its core European markets.
Air Mauritius said its performance over the rest of its April-March financial year would depend on the strength, or absence, of a worldwide economic recovery.
