Competition "relentless", says Fiji Airways
Air Pacific Group – the parent company of Fiji Airways – has posted an after tax profit of F$14.5 million (A$8.46m) in the nine-months to December 31 as the carrier reported lower yields amid a “relentless competitive environment”.
The shortened financial year reflects a decision of the board to alter its accounting period to the calendar year. The previous trading period was from April 1, 2012 to March 31, 2013 in which the carrier made an after tax profit of F$17.8m (A$10.4m).
The carrier said the nine-month performance was driven by a 2.5% increase in passenger numbers which created an additional 1% of revenue.
Revenue in the nine months hit F$541m compared to F$691m in the 12 months to March 31, 2013.
There was “a slight yield decrease of 1.5% due to the relentless competitive environment, especially from/to the US and Australia,” the group said.
Transition costs in the 2013 financial year, which included the rebrand of the airline from Air Pacific to Fiji Airways, hit F$14m (A$8.2m).
Managing director and chief executive, Stefan Pichler, said its recently-approved five year masterplan has set up the airlines for “sustainable and profitable growth”.
“It’s an incredibly exciting time for us as we get ready to bring new aircraft in, growing our fleet by 25%,” he said. “We have announced new routes and have strengthened in particular our South Pacific network.
“We’re pursuing new airline partnerships as well as working with our business partners in the travel trade and cargo.”
Meanwhile, the airline said it is on course to rebrand its Pacific Sun regional carrier to Fiji Link in mid-2014.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
air pacific group aviation fiji fiji airways stefan pichlerLatest News
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