3 Jun 2003

Air Pacific increases profit

11:32 am on 3 June 2003

Fiji's national airline, Air Pacific, has reported a pre-tax profit of 12.6 million US dollars for the financial year ending in March.

The after-tax profit was 8.3 million dollars.

The profit is an increase of 160 percent on the previous year when tourism traffic was decimated by the coup and the September 11 terrorist attacks in the United States.

The airline's revenue increased by 14.2 percent to 204 million US dollars, partly because of the short-term effects of the Bali bombings which diverted traffic to the South Pacific and the many international conferences held in Fiji.

Air Pacific chairman, Gerald Barrack, says shareholders will be paid a dividend of 12.5 percent per share while employees will receive profit share bonuses.