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Fiji Airways Impresses Yet Again with Financial Results

Yesterday, the Group announced its revenue for 2018 which was an increase of 10 per cent, taking the gross revenue of the Group to $1.02 billion, a first in its 67-year history.
03 May 2019 15:41
Fiji Airways Impresses Yet Again with Financial Results

Editorial:

Amidst pressures from rising fuel costs, and continuing investment efforts to grow the company, the Fiji Airways Group continues to achieve impressive financial results year-on-year.

Yesterday, the Group announced its revenue for 2018 which was an increase of 10 per cent, taking the gross revenue of the Group to $1.02 billion, a first in its 67-year history.

This is compared to the previous financial year of $929 million gross revenue.

Our national carrier is not immune to the rising fuel costs and other factors which included big investments they have done in growing the company.

Despite having a Boeing Max 8 grounded, the national carrier has punched well above its weight and announced a gross profit tax of $55.3million.

The Group eligible non-management staff will take home an additional $2350 given the performance of the airline.

This is what many companies can achieve. The right mindset, the right attitude and holding people accountable can indeed go a long way.

This is a far cry from a company which needed to be managed by an external Group. It has had the right people on its boards, hired the right decision-makers and is today reaping the rewards.

In 2018, Fiji Airways added three brand new Twin Otter aircraft and a Boeing 737 MAX 8 to its fleet.

It also opened a new route on its network, flying three times a week between Narita, Tokyo and Nadi, Fiji.

This along with Fiji remaining an increasingly popular choice among travellers contributed to Fiji Airways flying 1.7 million passengers during the 2018 Financial Year.

The airline also joined global airline alliance oneworld as its first ever oneworld connect member. Similarly, it signed new, and strengthened existing codeshare relationships with partners including; Alaska Airlines, British Airways, Singapore Airlines and SilkAir.

Despite a raft of initiatives including a record-high revenue figure, one of the biggest factors impacting the financial performance of Fiji Airways Group – in particular its pre-tax profits – was the rising cost of fuel, which increased 28 per cent compared to fuel prices in the same period the previous year.

And the Group’s growth does not end there. With investment done to start the construction of its own Fiji Airways Aviation Academy (FJAA) in Namaka, Nadi, they are set to rake in more benefits for their staff and also for the Fijian people in general.

 

Feedback: jyotip@fijisun.com.fj

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