Air Pacific Returns To Profit | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

Airborne Unlimited -- Recent Daily Episodes

Episode Date

Monday

Tuesday

Wednesday

Thursday

Friday

Airborne On ANN

Oshkosh Day One

Oshkosh Day Two

Airborne 07.20.16

Airborne 07.21.16

Airborne 07.22.16

Airborne Hi-Def On YouTube

Oshkosh Day One

Oshkosh Day Two

Airborne 07.20.16

Airborne 07.21.16

Airborne 07.22.16

Tweet Us The Coolest Things You See @OSH16!
#OSH16Coolest!

It's Alive!: AirVenture 2016 Innovation Preview on Vimeo!

It's Alive!: AirVenture 2016 Innovation Preview on YouTube!

 

Thu, Jun 28, 2012

Air Pacific Returns To Profit

Year To Year Passenger Numbers Up, Highest Ever Revenue

Air Pacific, 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 31 March 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 $16.5m, compared to an operating loss of $3.7m for the previous financial year Air Pacific Group reported an operating profit of $13.4m, compared to an operating loss of $4.3m 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 $11.4m ($24.8m for last fiscal year), and Air Pacific Group reported an after tax statutory profit of $10.7m ($25.3m 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.

Mr. Nalin Patel, Chairman of Air Pacific's Board of Directors, attributed the airline's continued financial improvement and successful turnaround to the transformation measures put in place by Air Pacific's new MD/CEO Dave Pflieger, his new management team, and Air Pacific's dedicated and hard-working employees.

"The fact that we managed to return the airline to an operating profit only two years after we experienced the biggest loss in our history speaks volumes about the experience and capability of our new management team and the soundness of their turnaround plan. The strong, positive results during a time when other airlines were struggling validates the Board's decision to hire Dave and support his new team's seasoned strategic focus," Mr. Patel said. 

"Under the new team's direction and with full support of the Board, Fiji's national airline has benefited from a more than $100m improvement in its operating performance over the past two years – a remarkable feat when one considers the challenges the industry and our own airline were facing."  Air Pacific Ltd. announced an operating profit of $16.5m for this fiscal year, compared to an operating loss of $91.8m two years ago and an operating loss of $3.7m last year.

Dave Pflieger, Air Pacific's Managing Director and CEO, attributed the continuing improvement in the airline's finances to the many transformation measures underway and the dedicated contributions and hard work of every member of the staff.

"Over the last two years, the Air Pacific team has not only designed, but delivered on a turnaround plan focussed on returning it to profitability for shareholders, staff, and the Fijian people. 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."

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.

Although the turnaround strategy is clearly delivering great results, with improved schedules and network, significant investments in new aircraft, onboard product and service training, the CEO cautioned that it is far from complete:

"While we are focused on doing what it takes to win new customers and provide our passengers with the best flying experience in the South Pacific, we remain mindful that a spike in fuel prices or changes to market conditions and therefore travel plans could impact our success while we finished restructuring and transforming Fiji's national airline."

FMI: www.fijiairways.com

Advertisement

More News

L-3 Aviation Products Presents OSH2016 Special Event Coverage!!!

Innovative Avionics Powerhouse Showcases Latest Developments It's been a great year for L-3 Aviation Products. In less than six months, they've finetuned some ground-breaking produ>[...]

Aspen Avionics, True Innovators, Present OSH2016 Special Event Coverage!

OSH2016 Sponsor: Always-Innovative Aspen Avionics Based in Albuquerque, New Mexico, Aspen Avionics specializes in bringing the most advanced display and sensor technology from the >[...]

Martin Mars Makes Debut At AirVenture Oshkosh 2016

>[...]

Airborne 07.22.16: ONE Aviation New Jet, Drone Pilot Nabbed, Stemme Twin Voyager

Also: AEA Giveaway, 44 Trips To OSH, Airbus Drones, Future Pilots, NTSB Training, Air BP, Boeing Forecast, ALPA Milestone ONE Aviation has provided ANN with the initial outline for>[...]

It's ALIVE! 2016 AirVenture Innovation Preview Program Debuting RIGHT NOW!

Get The EARLY Inside Details On THE Most Exciting NEW Innovations And Product Announcements From OSHKOSH... The staff of EAA and the Aero-News Network are pleased to announce that >[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2016 Web Development & Design by Pauli Systems, LC