2 Dec 2005

Air Pacific announces pre-tax profit of US$21.5m

10:15 am on 2 December 2005

Fiji's national airline, Air Pacific, has announced a pretax profit of US$21.5 million for its last financial year, up nearly four per cent on the previous year's profit.

The Fiji Times reports that the net profit was almost US$15 million which was about the same as the previous year.

It quotes Air Pacific chairman, Gerald Barrack, as saying that revenue grew by five per cent to US$264 million and expenditure by 5.6 per cent to US$243 million.

The airline's cash reserves increased to US$112 million, up from US$88 million dollars a year earlier.

Mr Barrack said as a result the board had decided to pay a dividend of 28 cents per share totalling US$4.4 million and approved a bonus payment to all staff.