Mango airlines have released a statement claiming they have made profits in an industry that has seen losses that excede $5 Billion, which represents the worst ever year, financially, in aviation history. They say it is due to their cost control, efficiency and guest services that saw them to unlikely profitability. They have however repeatedly refused to make public the audited financial statements to back these claims up

This is the press release explaining their success:

Operating from the lowest cost-base in South African aviation, brought about by the Company’s leadership in dimensions such as asset utilization, people productivity and innovation, Mango was well-placed to respond to the unprecedented volatility in terms of fuel-prices. The Company, un-hedged in terms of fuel exposure, benefited from operating a new-generation fuel efficient fleet whilst it further implemented various fuel-savings initiatives. Fuel cost savings, together with growth in ancillary revenue streams (derived from diverse sources ranging from travel insurance sales through to on-board advertising sales via MangoTV), allowed Mango to moderate the impact of escalating fuel cost on core ticket prices.