Fiji Airways reports record $17.2 million operating profit

NADI, Fiji - Fiji Airways Group today reported its unaudited interim results for the first half of 2014, announcing a massive increase in operating profits to the corresponding period last year.

Fiji Airways reports record $17.2 million operating profit

NADI, Fiji – Fiji Airways Group today reported its unaudited interim results for the first half of 2014, announcing a massive increase in operating profits to the corresponding period last year. The Group, legally known as Air Pacific Limited, comprises of Fiji Airways (Fiji’s National Airline), its subsidiary Fiji Link and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island. The Group recorded an underlying operating profit of $17.2m FJD from January 1st to June 30th 2014.

Stefan Pichler, Managing Director and CEO attributed the strong performance to higher load factors, more efficient cost management, streamlined management structures and a highly motivated staff.

“It has been an excellent start into 2014 and now we have to keep the pace as we want to pay a profit share to our staff for 2014 as well as a dividend to our shareholders,” he stated. “We have now gained momentum and the focus is to work hard to keep the ball rolling.”

Highlights for Fiji Airways Performance for First Half of 2014

• Underlying Operating Profit:
$17.2m

• Increase in load factor:
10%

• Increase in passengers flown:
4%

• Increase in flying sectors:
5%

Latest eTN Podcast

• New routes launched:
Suva-Sydney, Suva-Apia,

• Increased frequencies:
Australia, New Zealand, Hong Kong, Tuvalu, Samoa

Summary of Results:

Air Pacific Ltd. — profit & loss statement

H1’14
H1’13

H1 YoY
H1 YoY %

Reported Operating Profit

15.4
6.6

8.8
134%

Accrual releases & adjustments

(8.0)
(13.0)

5.0

Provisions

1.2

1.2

A330 landing gear

8.6

8.6

Fleet transition


6.9

(6.9)

Total Adjustments

1.8
(6.1)

7.9

Underlying Operating Profit

17.2
0.5

16.7
3340%

Air Pacific Ltd. — operating & load statistics

H1’14
H1’13

H1 YoY
H1 YoY %

Passengers flown

579,952
559,467

20,485
4%

Seat factor

82%
75%

7.1 pts
10%

Sectors

8,629
8,209

420
5%


Note: The provisional results are subject to final review by Group external auditors after conclusion of 2014 financial year (31st December 2014)

Fill out my online form.
CATEGORIES
Follow on Feedly