AIR Pacific Group has announced a net profit of $10.7million for the last financial year, which is a $106million turnaround after two years of successive losses.
The group recorded a $91.8million loss in the 2009/2010 financial year and a $3.7 million loss in the 2010/2011 financial year.
The result was achieved despite an increase of $94million in actual and operational fuel costs over the past two years.
Air Pacific chief executive and managing director Dave Pflieger told The Fiji Times from New Zealand yesterday that the results were achieved because of the restructure, which was still continuing.
However, he said the success of the restructure was because of the partnership with workers.
The Air Pacific Group includes Air Pacific Ltd, Pacific Sun and Sofitel Fiji Resort and Spa.
Air Pacific Ltd, which is the airline, made a net profit of $11.4million.
Air Pacific Ltd also recorded its highest ever revenue of $645.9million, an increase of $90.5million in revenue from the 2010/2011 financial year and an increase of $130million when compared to the 2009/2010 financial year.
The airline also carried 85,000 more passengers than it did the previous financial year and 122,000 more passengers than it carried in FY2009/2010.
Chairman Nalin Patel attributed the airline‘s continued financial improvement and successful turnaround to the transformation measures put in place by Mr Pflieger and his staff.
"The fact that we managed to return the airline to an operating profit only two years after we experienced the biggest loss in our history speaks volumes about the experience and capability of our new management team and the soundness of their turnaround plan. These strong, positive results during a time when other airlines are struggling validates the Board‘s decision to hire Dave and support his new team‘s seasoned strategic focus," Mr Patel said. "Under the new team‘s direction and with full support of the entire Board, Fiji‘s national airline has benefited from a more than $100 million improvement in its operating performance over the past two years - a remarkable feat when one considers the challenges the industry and our own airline were facing."