Fiji Time: 11:42 AM on Saturday 23 May

Fiji Times Logo

/ Front page / News

Air pacific group loss

Tuesday, October 27, 2009

THE Air Pacific Group has reported a pre-tax loss of $14.3million for the year to Mach despite carrying more than one million passengers the previous financial year.

Group chairman Nalin Patel said of that loss, $12.24m was incurred by the airline alone.

He said the financial year was extremely challenging for the group with the most significant cost issue being fuel.

He said the airline spent $297.72m in the financial year compared to $171.23m the previous year, an increase of $126.49m.

"While the first half of the financial year produced poor trading results, the final six plunged to deep losses," Mr Patel said.

He said the group, comprising of Richmond Limited - the joint owners of the Sofitel Fiji Resort and Spa, Fiji Airlines Ltd - trading as Pacific Sun - and Air Pacific Ltd, had a negative swing of $52.45m compared to the profit of $38.15m for 2007 to 2008.

Group revenue increased by 16 per cent, from $558.4m to $648.47m - a growth of $90m. But the group's costs increased by $120m, from $535.2m to $655.14m.

Mr Patel said the $12.24m loss was incurred by Air Pacific alone.





Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Today's Most Read Stories

  1. Acts of will
  2. Crusaders, Tahs face crucial clash
  3. A-G files petition
  4. Reds lose to Sharks as O'Connor howler spoils chances of comeback
  5. Proposed airport site leased out
  6. Chiefs down Bulls for Super Rugby bonus-point win
  7. Bleak future
  8. Parliament passes Bill
  9. End of an era
  10. Land use concern

Top Stories this Week

  1. USA wins London 7s Monday (18 May)
  2. Heroes of the night Friday (22 May)
  3. Dream run Tuesday (19 May)
  4. Champions Monday (18 May)
  5. Tuwai wins top award Tuesday (19 May)
  6. Payout for team Thursday (21 May)
  7. Top cop foils robbery attempt Friday (22 May)
  8. Ratu Naiqama suspended Friday (22 May)
  9. Behind closed doors Tuesday (19 May)
  10. Probe on officials Wednesday (20 May)