Tourvest six-month income soars 60%

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Tourvest Investment Corporation has announced strong interim results for its retail operation, including its inflight duty-free business, despite margin erosion caused by the strong South African rand

Revenue for the six months to December 25 2002 rose 62.2% to R356m ($40.4m), while income before tax reached R60m ($6.8m), up 60% on the same period in 2001.

A company spokesman said: "The inflight sales operation is dollar-based and competes in the global market. Due to the nature of the business, the strengthening of the local currency has resulted in margin erosion while its trading performance has remained strong."

The company said that it had been boosted by winning the tender to operate duty-free onboard Kuwait Airways during the six-month period.