Fiji Airways has posted a net profit of $14.1 million for the year ended March 31.
By EPINERI VULA
A rebranded Fiji Airways has welcomed its new identity with a net profit of $14.1 million for the year ended March 31, up from $11.4m the previous year.
The airline’s revenue increased from $F678.3m to $F690.6m as passenger numbers rose by almost 15,000.
Airline chairman Nalin Patel said that the airline and its consolidated group (Air Pacific Group) both made operating profits. (Air Pacific Group comprises Fiji Airways, its wholly owned subsidiary Pacific Sun, and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island).
Mr Patel attributed the airline’s decrease in underlying operating profit this year to the floods in April 2012, Cyclone Evan in December 2012, expenditures related to rebranding the airline, and costs related to preparation for induction of its airline’s new fleet of Airbus A330 aircraft.
“Fiji Airways is a national success story,” said Attorney-General and Minister for Civil Aviation Aiyaz Sayed-Khaiyum.
Air Pacific Ltd (trading as Fiji Airways) – financial result highlights
| Financial Results | 2012/13($ millions) | 2011/12($ millions) | 2010/11($ millions) |
| Revenue | 659.7 | 645.9 | 555.3 |
| Profit before Income Tax | 18.0 | 16.5 | 21.2* |
| Profit after Income Tax | 14.1 | 11.4 | 24.8* |
Air Pacific Group – financial result highlights
| Financial Results | 2012/13($ millions) | 2011/12($ millions) | 2010/11($ millions) |
| Revenue | 690.6 | 678.3 | 586.7 |
| Profit before Income Tax | 22.4 | 14.2 | 21.7* |
| Profit after Income Tax | 17.8 | 10.7 | 25.3* |
Full details in Wednesday’s Fiji Sun newspaper.