Air Pacific posts first profit in three years
A turnaround in Fiji's national airline has come from record increases in passenger numbers and revenue.
Air Pacific, Fiji’s national airline, has returned to profit for the first time in three years.
It produced an operating profit of $F16.5 million ($11.5 million) compared with an operating loss of $F3.7 million ($2.6 million) in the March 31 financial year.
In the 2010 year, it made a record operating loss of $F91.8 million.
The airline also recorded its highest ever revenue of $F645.9 million ($450.2 million) and an increase of $F90.5 million ($63.1 million) in passenger revenue – without adding to its aircraft fleet.
The increase represents 85,000 more passengers than the previous year and 122,000 more than in the 12 months to March 2010.
The overall Air Pacific Group, which includes wholly owned subsidiary Pacific Sun (a domestic airline) and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island, reported an operating profit of $F13.4 million ($9.3 million), compared with an operating loss of $F4.3 million.
On a net basis, Air Pacific Group reported an after tax statutory profit of $F10.7 million ($7.5 million).
Air Pacific chairman Nalin Patel attributes the airline’s financial improvement and successful turnaround to the transformation measures implemented by new managing director and chief executive Dave Pflieger.
These have or will include improvements in the schedules and network, significant investments in new aircraft, a better onboard product and staff service training, Mr Patel says.
Next year, the airline turnaround will culminate in a rebranding to its former name Fiji Airways and the delivery of its first new Airbus A330-200 aircraft.
NBR staff
Mon, 25 Jun 2012
Mon, 25 Jun 2012
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Air Pacific posts first profit in three years
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