Fiji Airways posted an operating profit of F$14.2 million ($7.76 million) in its shortened fiscal year 2013, as compared to the F$22.4 million it posted in FY2012.
The carrier says the board has decided to change its fiscal year so that it coincides with the calender year.
Revenue for the period to 31 December 2013 stood at F$541.2 million, while net profit was at F$14.5 million. Yields for the year declined 1.5% from intense competition on services to Australia and the United States.
Fiji Airways’ chairman Nalin Patel noted 2013 was the carrier’s major transition year, where it rebranded itself to Fiji Airways from Air Pacific, and replaced its Boeing 747-400s with Airbus A330-200s. This one-time transition costs accounted for more than $14 million, and its finance costs shot up by $33.6 million as a result of the aircraft replacement.
“Our recently approved Five Year Master Plan sets the foundation for sustainable and profitable growth between now and the end of 2017. It’s an incredibly exciting time for us, as we get ready to bring new aircraft in, growing our fleet by 25%,” adds the airline’s chief executive Stefan Pichler. “We have announced new routes and have strengthened in particular our South Pacific network. We’re pursuing new airline partnerships as well as working together more closely with our current allies and we will also work closer with our business partners in the travel trade and in cargo.”