Air Pacific posts $24.7m profit for 2010/11 fiscal year

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Fiji's national carrier Air Pacific reported its financial results for the fiscal year ended 31 March 2011.

Air Pacific reported an after tax statutory profit of $24.7 million, versus a $65.3 million loss for the last fiscal year.

Its revenue for the fiscal year rose by 7.8% to $555 million, compared with $515 million a year ago.

The airline posted an operating loss of $3.6 million, compared with an operating loss of $91.8 million for the previous year.

Nalin Patel, chairman, Air Pacific said: "In particular, our new management team was able to generate 37,000 more passengers, grow Air Pacific's revenue by $40 million and cut non-fuel costs by $13 million."

David Pflieger, managing director and chief executive, said: "To ensure our future success, our team has already undertaken a series of key initiatives for FY2011/12 which includes taking delivery of another Boeing 737-800 aircraft, improving schedules between Fiji and Australia by including double-daily flights to Sydney starting January 2012, signing a new code-share agreement with American Airlines that will allow our passengers to connect to and from nearly 20 destinations in the US and acquiring three brand new Airbus A330-200 aircraft that will be delivered in 2013."