I have spent pretty much my entire investing lifetime saying that airlines are a horrid business and we should never invest in them. During this time Comair has been quietly proving me wrong, as the latest results attest, with HEPS coming in at 67c versus 36.5c previously. The big deal for Comair is the non-airline business (catering, training and lounges, among others), which now makes up 20% of its revenue and will provide a great base that will also be less volatile than airline profits, which are subject to currency moves and the oil price. The one downside is that while the company states the local airline market grew 2.3% locally, it only grew seat numbers by 2%, suggesting some lost market share. This is likely the result of new low-cost carriers having entered the market. But with SAA potentially cutting back on some local routes, this should add some extra growth potential as a lack of GDP growth hinders real seat growth in the industry. That all said, I remain very wary of airlines as a business and still avoid the sector.