Tunisia: Tunisair reports heavy loss of 196 million dinars in 2016

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    National flag carrier Tunisair suffered a spectacular loss in 2016.

    The year resulted in a net deficit (group share) of 196.6 million dinars, as shown in the consolidated annual financial statements of the group, published on Thursday. In 2015, the company reported a loss of 88.6 million dinars.

    Compared to 2015, the group posted an 11% increase in global revenues to 1.19 billion dinars at the end of December 2016, while operating expenses increased by 16.3% to 1.32 billion dinars against 1.13 billion a year ago.

    As a result of this more remarkable change in expenses, the group’s operating income showed a deficit of 130.2 million dinars compared to -61.7 million in 2015.

    Staff costs rose from 326 million dinars in 2015 to 353 million at the end of December 2016, up 8.3%. They represent 30% of the company’s overall income.

    In addition, the net financial charges, big black spots of the company’s balance sheet, show an outstanding of 30 million dinars.

    Worst, in 2016, the company incurred ordinary losses of around 36.3 million dinars (against 5.6 million in 2015), further widening the company’s deficit.

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