23rd May 08:48 PM
Fiji Airways reports a record profit of $84.5 million
By Vijay Narayan
Friday 17/03/2017

Fiji Airways Group has recorded the biggest profit before tax ever in the airline’s history.

The airline company has made a $84.5 million profit before tax for 2016 compared to $70.2 million achieved in the previous year.

While making the announcement in Nadi, Attorney General Aiyaz Sayed-Khaiyum said that Fiji Airways Group’s revenue was $825.3 million compared to $815.3 million for the previous year.

The group’s passenger numbers increased to 1.4 million from the 1.3 million compared to the previous year.

Sayed-Khaiyum has also confirmed that based on the profit made, all eligible non-management staff of Fiji Airways and FijiLink will receive a profit share payout of $4,000 each.

This is 20% higher than the payout of 2015.

He also confirms that the eligible Fiji Airways and FijiLink management will get a profit share payout of no less than $9,000 each.

The total profit share payout is approximately $6 million and of that amount, $4 million is being paid out to non-management staff.

Sayed-Khaiyum thanked Fiji Airways Managing Director and CEO Andre Viljoen, the managers and all the staff of Fiji Airways for the success of the airline company.

He also revealed that he has spoken to Airports Fiji Limited about giving prominence to Fiji Airways at the new look Nadi International Airport.

Fiji Airways Managing Director and CEO Andre Viljoen says this is a fantastic result, as they recorded another year of growth in reported profit.

Viljoen says last year was full of milestones achieved, culminating in the largest profit the airline has ever recorded.

He says to achieve these results is nothing short of outstanding ‑ in a year when they had the most devastating cyclone in our nation’s history slow down tourism and the launch of three new international routes.

Viljoen says the result would also not have been possible without the backing of the Fijian Government and the Fijian people, who continue to stand by the airline.

The airline reports that yields were under pressure throughout the year from the increased capacity of its competitors, discounting of airfares by competitors that had taken advantage of lower fuel prices, and the disruptive effects of February’s Tropical Cyclone Winston.

Fiji Airways led actions after the cyclone to re‑invigorate travel demand by significantly discounting its airfares, which cost the Company in excess of $40 million in lost revenue.

However, these actions by Fiji Airways are largely responsible for Fiji’s tourism growth of 5% experienced in 2016.

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