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Air Pac Group rakes in $541.2m

Geraldine Panapasa
Tuesday, April 15, 2014

IN light of recent changes to its financial year, Air Pacific Group recorded total revenue of $541.2million for the nine months ending December 31, 2013.

The group, which comprises Fiji Airways, Pacific Sun and a 38.75 per cent stake in the Sofitel Fiji Resort & Spa on Denarau, reported an after tax profit of $14.5m for the nine-month period compared with $17.8m for the preceding 12-month period.

Air Pacific Limited, trading as Fiji Airways, board of directors chairman Nalin Patel said the airlines and their consolidated group made profits during the calendar year.

He said one of the major highlights was the appointment of new Fiji Airways managing director and CEO Stephan Pichler.

"For the board, this means confidence in the further growth path for the airline's fleet, network, people, services, sustainable profitability and increased returns to the shareholders in the years ahead," he said.

In a statement, Attorney-General and Minister for Public Enterprises Aiyaz Sayed-Khaiyum said few people believed the airline could survive.

"But the Fijian Government acted decisively to save it by ensuring dynamic management and instituting financial discipline that has led to job security and job growth," he said.

"It is through the collaboration of the Fijian Government, Fiji Airways board of directors, and the staff members that our national airline has a very strong and firm footing for the future."

For the 12-month period to March 31, 2013, the group recorded total revenue of $690.6m compared with total revenue of $678.3m for the corresponding period in 2012.

In terms of profit before income tax, it recorded $14.2m for the 12 months to March 31, 2012, $22.4m for the 12 months to March 31, 2013 and $14.2m for the nine months to December 31, 2013.

Profit after income tax totalled $10.7m for the 2012 financial year, $17.8m for the 12 months to March 31, 2013 and $14.5 for the nine-month period ending December 31 last year.

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