Air Pacific's revenue in FY2011/12 grew by 16.3% to Fiji dollars (F$) 646 million ($357 million), compared with F$555 million posted in the corresponding period last year.
The carrier's operating profit for the year to 31 March stood at F$16.5 million, compared with an operating loss of F$3.7 million posted in the same period last year.
Asia Pacific group recorded 15.6% year-on-year growth in revenue for the fiscal year to F$678 million, while its operating profit stood at F$13.4 million against an operating loss of F$4.3 million in FY2010/11.
The carrier's chairman of the board of directors, Nalin Patel, attributed the revenue growth to its new management team, which has led plans to turn around the carrier.
Air Pacific says that its fuel costs grew by F$94 million over the past two years and that its challenges for the fiscal year included replacing older aircraft in its fleet and the disruption of operations because of a cyclone and two major floods.
Moreover, the airline plans to revert to its former name, Fiji Airways, in March 2013, when it will begin to take delivery of new Airbus A330-200 aircraft.
Chief executive Dave Pflieger cautions that the carrier's restructuring is not complete and that the carrier continues to face challenges posed by market uncertainty, a slowdown of major world economies and the ever-present threat of further volatility in oil prices.
He adds: "At the same time, we are clearly making great progress towards our future success and sustainable profitability."