|Flying high again atfer restructuring. pic escape at sorenlarsen|
CEO David Pflieger is reported as saying the profit was achieved on a combination of 'significantly increased passenger numbers, a large drop in costs associated with the airline's previously poor record for on-time departures, a more competitive schedule into the highly competitive Sydney market, and more efficient use of a smaller fleet of aircraft.'
"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."
A report on a New Zealand investment website says the airline has recorded a group surplus before tax of $13.4 million for the year to March 31, compared with an operating loss of $3.7 million a year earlier.
It says the airline announced a group statutory profit of $10.7 million for the year, compared with $25.3 million in the previous year, but the earlier year's profit reflected one-off items relating to cancellation of aircraft deliveries.
Air Pacific's group operating revenue of a reported $678.3 million is said to be up 15.6 percent for the year.
That group result supposedly includes its subsidiary Pacific Sun as well as a 38.75 percent stake in the Sofitel Fiji resort on Denarau Island.
Air Pacific's woes two years ago were blamed on the arrival of Australian budget carriers, Jetstar and Virgin.
Pflieger says the campaign to turn Air Pacific's fortunes around is far from done: "We remain mindful that a spike in fuel prices or changes to market conditions and therefore travel plans could impact our success while we finish restructuring."
The airline last month announced it would resume the original name of Fiji Airways to cash in on the 'Fiji' brand and is buying three new Airbus A330-200 planes.
No mention in the sharedot.co.nz story the airline is being kept alive by FNPF funds although it says Air Pacific is 'guarded about its passenger metrics', but it supposedly carried an additional 85,000 customers last year, compared with the year before, and 122,000 more than in the 2010 financial year.
No mention either of the ongoing leaks from staff of the inner turmoil within the airline and ongoing departures, including the most recent information sent to us about six more pilots resigning 'over frustration at management and for better work conditions from overseas carriers.'