Air Pacific returns to profitability

Air Pacific (2nd) (Nadi), the national airline of Fiji, has achieved a significant milestone in its transformation plan, posting a return to profit for the first time in three years, with its financial results for the fiscal year ended March 31, 2012.

Despite a challenging aviation market over the last 12 months, Air Pacific Ltd. and Air Pacific Group both reported operating profits combined with a significant increase in passenger numbers and revenue.

Air Pacific Ltd. reported an operating profit of $16.5 million, compared to an operating loss of $3.7 million for the previous financial year
Air Pacific Group reported an operating profit of $13.4 million, compared to an operating loss of $4.3 million for the previous financial year. (Air Pacific Group includes the national airline, its wholly owned subsidiary Pacific Sun, and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island).

On a net basis, Air Pacific Ltd. reported an after tax statutory profit of $11.4 million ($24.8 million for last fiscal year), and Air Pacific Group reported an after tax statutory profit of $10.7 million ($25.3 million for last fiscal year).

A focus on increasing passenger numbers, improvements to its network and achieving significant efficiencies across the airline saw Air Pacific also record its highest ever revenue of $645.9 million, an increase of $90.5 million in passenger revenue over FY2010/2011 and an increase of $130 million compared to FY2009/2010. Without any increase in the size of the airline’s fleet, the carrier increased passenger numbers by 85,000 for the fiscal year 2011/2012, and carried 122,000 more passengers compared to FY2009/2010.

The latest initiatives in the turnaround strategy include the recent announcement that Air Pacific will re-brand and revert to its former name Fiji Airways, coinciding with the delivery of brand-new Airbus A330-200 aircraft in 2013.

All amounts are in Fijian dollars.

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