Thursday, April 17, 2014

Fiji Airways reports net profit for 2013

Fiji Airways A330-243 (c/n 1416) DQ-FJU "Island of Namukalau" arrives at Los Angeles International Airport (LAX/KLAX) on October 30, 2013.
(Photo by Michael Carter)  

Rebranded Fiji Airways (formerly Air Pacific) has reported a net profit of FJD14.5 million ($7.9 million) for the nine months to Dec. 31, 2013, compared with a net profit of FJD17.8 million for the preceding 12-month financial year.

The Air Pacific Group switched to a calendar financial year from the end of the previous financial year on March 31, 2013. The Air Pacific Group comprises Fiji Airways, its wholly owned domestic and regional subsidiary Pacific Sun (which will be rebranded as Fiji Link this summer) and a 38.75% stake in a local resort.

Air Pacific board chairman Nalin Patel said both airlines made a profit in the nine-month period, with passenger boardings up 2.5% and revenue up 1% to FJD541.2 million. Yield was down 1.5% “due to the relentless competitive environment, especially to and from the US and Australia,” the airline said.

“2013 was a major transition year for Fiji Airways,” Patel said. “We rebranded to Fiji Airways and … we changed over from our long-serving Boeing 747 aircraft to the more efficient Airbus A330 widebody aircraft. This transition alone accounted for more than FJD14 million one-time transition expenses in the FY2013. Our finance costs increased FJD33.6 million as we added these new aircraft to our fleet.”

Fiji Airways MD and CEO Stefan Pichler said: “Our recently approved five-year master plan sets the foundation for sustainable and profitable growth between now and the end of 2017.” He said the carrier is “getting ready to bring new aircraft in, growing our fleet by 25%.”

The Fijian carrier has also announced a new interline agreement with Abu Dhabi-based Etihad Airways, which will allow reciprocal sales on routes to a number of destinations in the Middle East, Africa, North America, Asia and Australia. The agreement is effective immediately, and is “the starting point of further negotiations between the two airlines,” Fiji Airways said in statement.

Fiji Airways has codeshare or interline agreements with a number of carriers, including American Airlines, Cathay Pacific, Qantas and Air New Zealand, as well as a cargo interline agreement with Emirates SkyCargo.

(Anne Paylor - ATWOnline News) 

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