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Fiji Airways Reports Record $17.2m Operating Profit for First Half-Year

July 21, 2014 Financial No Comments Email Email

Fiji Airways Group today reported its unaudited interim results for the first half of 2014, announcing a massive increase in operating profits to the corresponding period last year.

The Group, legally known as Air Pacific Limited, comprises of Fiji Airways (Fiji’s National Airline), its subsidiary Fiji Link and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island. The Group recorded an underlying operating profit of $17.2m FJD from January 1st to June 30th 2014.

Stefan Pichler, Managing Director and CEO attributed the strong performance to higher load factors, more efficient cost management, streamlined management structures and a highly motivated staff.

“It has been an excellent start into 2014 and now we have to keep the pace as we want to pay a profit share to our staff for 2014 as well as a dividend to our shareholders,” he stated. “We have now gained momentum and the focus is to work hard to keep the ball rolling.”

Highlights for Fiji Airways Performance for First Half of 2014

 Underlying Operating Profit:              

$17.2m

 Increase in load factor:                      

10%

 Increase in passengers flown:        

4%

 Increase in flying sectors:                

5%

 New routes launched:                      

Suva-Sydney, Suva-Apia,

 Increased frequencies:                  

Australia, New Zealand, Hong Kong, Tuvalu, Samoa

Summary of Results:

Air Pacific Ltd. — profit & loss statement

 H1’14

 H1’13

 H1 YoY

 H1 YoY %

Reported Operating Profit

15.4

6.6

8.8

134%

Accrual releases & adjustments

(8.0)

(13.0)

5.0

Provisions

1.2

1.2

A330 landing gear

8.6

8.6

Fleet transition

6.9

(6.9)

Total Adjustments

1.8

(6.1)

7.9

Underlying Operating Profit

17.2

0.5

16.7

3340%

 Air Pacific Ltd. — operating & load statistics

 H1’14

 H1’13

 H1 YoY

 H1 YoY %

Passengers flown

579,952

559,467

20,485

4%

Seat factor

82%

75%

7.1 pts

10%

Sectors

8,629

8,209

420

5%

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