Air Pacific turns first profit in three years.
Fijian flag carrier Air Pacific has just released its financial results for the year to 31 Mar, showing a group profit of FJ$13.4m (A$7.4m) – its first positive result since a record loss in 2009.
CEO Dave Pflieger told TD the turnaround has come despite high fuel prices, and is a “significant milestone” in the carrier’s transformation plan.
Much of the improvement came through higher revenue, with the carrier recording its highest ever turnover of FJ$645.9m – up 14% year on year. Passenger numbers rose by 85,000 in 2011/12, despite no increases in the carrier’s fleet.
“To report a profit in a year that witnessed significant fuel cost increases, strong and continued competition in a key market from two low cost carriers, and two major flooding crises, is a rousing testament to the hard work, dedication and effectiveness of the men and women who proudly represent Fiji’s national airline,” Pflieger said.
The next phase of the turnaround plan will see the 2013 arrival of three new A330-200s from Mar and the phasing out of FJ’s 747 fleet – as well as the previously announced rebranding of the carrier to Fiji Airways which Pflieger said would make it a “flying billboard for the country”.
He said there wasn’t any news on progress in discussions between major shareholders Qantas and the Fijian government, but said “all the shareholders should be happy with this result”.
More information in today’s Travel Daily.