Record F$84.5M profit for Fiji Airways

17 Mar 2017 2048 | Business & Trade Fairs

The Fiji Airways Group achieved its biggest pre-tax profit ever during the fiscal year that ended December 31, 2016, a total of F$84.5 million. The Group (legally known as Air Pacific Limited) comprises Fiji Airways, Fiji's national airline; its subsidiaries Fiji Link & Pacific Call Comm. Ltd; and a 38.75% stake in the Sofitel Fiji Resort & Spaon Denarau Island. Most notably, profit before tax increased by 20.5% over the prior financial year.

Results' Highlights:

Group revenue was F$825.3 million compared to F$815.3 million for the prior year ended 31st December 2015.
Group profit before tax was F$84.5 million compared to F$70.2 million for the prior year ended 31st December 2015.
Group carried 1.4 million passengers compared to 1.3 million for the prior year ended 31st December 2015.
Group is well ahead of the FNPF repayment schedule for the Airbus A330 loans.
Profit shares for both management and non-management employees were increased by approximately 20% each.

Mr. Andre Viljoen, Fiji Airways Managing Director & CEO, said: "This is a fantastic result, as we record another year of growth in reported profit. This strong performance is a true testament to the tremendous work done by our team, responding strongly to the challenges we faced. I am most thankful to our Chairman, Mr. Rajesh Punja, and the Board for their guidance and support, and to every Fiji Airways Group team member for their dedication and efforts.

"Last year was full of milestones achieved, culminating in the largest profit the airline has ever recorded. To achieve these results is nothing short of outstanding - in a year when we had the most devastating cyclone in our nation's history slow down tourism and the launch of three new international routes.

"The result would also not have been possible without the backing of the Fijian Government and the Fijian people, who continue to stand by us. I especially thank our Prime Minister, the Hon. Voreqe Bainimarama, and our Line Minister, the Hon. Aiyaz Sayed-Khaiyum, for their vision and unwavering commitment to the national airline."

"We are proud of these excellent financial results, but we take particular pride in the fact that the increased profit is a sign of excellent leadership, a healthy and positive airline culture, and a constant improvement in service at all levels," said the Attorney-General. "These factors will take us well into the future as we build Fiji Airways into a top, full service carrier."

"The financial results and other accomplishments also show what government and state-owned entities can do together when government has a strong and focused vision and establishes a proper operating environment, and then lets management do what it is supposed to do as a commercial entity. Fiji Airways is showing that with a management focused on merit-based recruitment, high standards of service delivery, airline safety, and a partnership approach to workplace relations, any state-owned entity can achieve its true potential and beyond. Fiji Airways is the only state-owned enterprise which shares its profits with all its employees," said the Attorney General.