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Fiji Airways pays bonus after highest-ever profit

March 28, 2018 Headline News No Comments Email Email

The Fiji Airways Group will pay staff a handsome bonus after posting its highest-ever profit before tax: of FJD 95.8 million (AUD 60.6 million) for the year ended 31 December 2017, a 13.4% increase over the previous financial year.

The group (legally known as Air Pacific Limited) comprises Fiji Airways; its subsidiaries Fiji Link & Pacific Call Comm. Ltd; plus a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island.

Results Highlights:

  • Group revenue was FJD 929 million compared to FJD 825.3 million for the previous year ended 31st December 2016 (up by 12.5%).
  • Group profit before tax was FJD 95.8 million compared to FJD 84.5 million for the previous year ended 31 December 2016.
  • The group carried 1.6 million passengers compared to 1.4 million for the previous year ended 31st December 2016 (up by 14.3%).
  • Profit-share for non-management staff and minimum bonus for management increased by 10% compared to the previous year.

The following profit-share and management-bonus arrangements have been announced:

  • Eligible non-management staff of Fiji Airways and Fiji Link will each receive a profit-share payout of FJD 4400 (AUD 2786).
  • Eligible Fiji Airways and Fiji Link managers will each receive a management bonus of no less than FJD 9900 (AUD 6270).

This is in addition to quarterly bonuses of up to FJD 1200 (AUD 760) per year that non-management staff of Fiji Airways and Fiji Link already stand to earn for achieving key objectives.

Fiji Airways managing director and chief executive, Andre Viljoen, said: “To achieve a fourth year of successive record profits is a massive achievement by the entire team of the Fiji Airways Group.

“I couldn’t be more proud of the way the team surpassed all key metrics for revenue, passenger and network growth, efficiently navigating through a challenging operating period in which cost control was crucial.

“2017 saw the achievement of numerous milestones for the Group. The team increased the size of the fleet, launched a new route, increased frequencies on key long-haul routes and opened a world class lounge at our home airport – Nadi.”

Viljoen said the outlook for 2018 was challenging given the pressure of fuel price increases, increased competition, and volatility of the US dollar.

“Fuel prices will continue to be a challenge for all airlines and we will not get complacent with the fiscal discipline required to meet our financial targets.

“It will, however, be an exciting year for Fiji Airways as we become the first airline in the region to receive and operate the brand new Boeing 737 MAX 8 aircraft on our short-haul markets of Australia, New Zealand and the South Pacific.”

Edited by Peter Needham

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