ACSA executive director for finance Priscillah Mabelane said the company's situation was more difficult as it had undertaken the highest-ever capital expenditure programme.

'We also had to contend with adverse determinations by the regulator, which required the group to pay upfront for the capital expenditure programme and recover the investment later through tariffs simultaneously.

'This was at a time when banks and other finance institutions were tightening their lending criteria,' she said.

According to the company, it was able to increase its income by 13 percent due to the growth in property, car hire and hotel operations. This non-aeronautical revenue went up from 1.4 billion rand last year to 1.7 billion rand this year.