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Fiji Airways announces $70.2m profit

 

Apr 13, 2016 03:42:20 PM

Fiji Airways announces $70.2m profit The Fiji Airways Group has announced a record profit of $70.2 million for the fiscal year ending 31st December 2015.

This is an increase of 15.5% as the profit before tax for 2014 was $60.8 million.

The Group comprising Fiji Airways, Fiji’s national airline, its subsidiary Fiji Link & Pacific Call Comm Ltd, and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island also recorded a 7.4% rise in passenger numbers (1.3m in 2015 compared to 1.2m in 2014) and a 6.3% increase in revenue from $767.4m in 2014 to $815.3m in 2015.

“Our team surpassed previous benchmarks for profits and growth, with passenger numbers (+7.4%), load factor (+0.1 pts) and RASK (+1.3%) all improving significantly, coupled with a well-controlled cost base (CASK -0.4%),” said Fiji Airways Managing Director and Chief Executive Andre Viljoen.

“These results allow us to continue our commitments to our people, our shareholders and stakeholders, who will, of course, share in our success.”

“Our results are also sustainable, provided that market demand recovers from recent national disasters and is not merely driven from lower than anticipated fuel prices.”

“We realise that the upside from lower fuel prices has been largely off-set by foreign currency exposures on aircraft US dollar-based loans and Australian dollar revenue streams, given the strengthening / weakening of the USD and AUD respectively.”

“Aviation remains a volatile industry. The fuel price relief will not last, so we intend to maintain our cost-management discipline and focus.”

“Again, our team delivers year after year, not just increasing revenue but managing costs and we are grateful for their commitment and hard work.”

He said 2016 presents another year of opportunities and challenges for the airline.

“Three exciting new destinations are being added to our network, with our inaugural flight to Singapore commencing last week and San Francisco and Vava’u (Tonga) all coming online by June.”

“This gives our already impressive network even more of a boost. By the end of 2016, we will have 50 destinations in 13 countries around the world, which includes codeshare destinations; all pretty phenomenal for a small airline like ours.”

“There will undoubtedly be challenges, as Tropical Cyclone Winston has an impact on our forward bookings. But a number of initiatives are underway with the Tourism Action Group (TAG) to address these challenges.”

In 2016, Fiji Airways will rigorously pursue a 4-star Skytrax service rating and embark on service training across the company.

Every single team member will undergo a specially created Up! Your Service programme devised by world-renowned service expert Ron Kaufman and his organisation.

The Group has also announced that all eligible non-management staff of Fiji Airways and Fiji Link will receive a profit-share payout of $3,300 each, 10% higher than the 2014 level of $3,000, subject to tax and superannuation deductions as required.

All eligible Fiji Airways and Fiji Link managers will receive a management bonus of not less than $7,700 each, 10% higher than 2014, subject to tax and superannuation deductions as required.

In addition, non-management staffs for both airlines already stand to earn quarterly KPI-related bonuses of up to $1,200 per year, on achievement of key business objectives.

By Reginald Chandar

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