Air Pacific Announces Finanacial Report

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Press Release

Air Pacific Announces FY2011/2012 Financial Results
Turnaround Plan Delivers Profits, More Passengers, and Higher Revenue

Nadi, Fiji - Air Pacific today announced its financial results for the fiscal year ended 31 March 2012 (1 April 2011 – 31 March 2012). Mr. Nalin Patel, Chairman of Air Pacific’s Board of Directors, said that Air Pacific Ltd. and Air Pacific Group both made operating profits and that Air Pacific Ltd. delivered record-breaking revenue. (Air Pacific Group includes the national airline, its wholly owned subsidiary Pacific Sun, and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island).

• •

Air Pacific Ltd. reported an operating profit of $16.5m, compared to an operating loss of $3.7m for the previous financial year. Air Pacific Group reported an operating profit of $13.4m, compared to operating loss of $4.3m for the previous year.

On a net basis, Air Pacific Ltd. reported an after tax statutory profit of $11.4m and Air Pacific Group reported an after tax statutory profit of $10.7m (versus after tax statutory profits including net income due to cancelled aircraft deliveries of $24.8m net and $25.3m respectively for FY2010/11).

Air Pacific Ltd. also recorded its highest ever revenue of $645.9m, an increase of $90.5m in revenue from FY2010/2011, and an increase of $130m compared to FY2009/2010 (the year before airline restructuring and turnaround efforts began). 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.

Press Release

Mr. Patel attributed the airline’s continued financial improvement and successful turnaround to the transformation measures put in place by Air Pacific’s new MD/CEO, his new management team, and Air Pacific’s dedicated and hard-working employees.

“The fact that we managed to return the airline to an…...

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