2 Dec 2005

Air Pacific registers profit increase

3:27 pm on 2 December 2005

Fiji's national airline, Air Pacific, has announced a pretax profit of 21.5 million US dollars for its last financial year, up nearly 4 percent on the previous year's profit.

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

It quotes Air Pacific chairman, Gerald Barrack, as saying that revenue grew by 5 percent to 264 million US dollars and expenditure by 5.6 percent to 243 million dollars.

The airline's cash reserves increased to 112 million US dollars, up from 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 4.4 million US dollars and approved a bonus payment to all staff.

The airline had to terminate flights from Canberra and Christchurch to Nadi because of a shortage of accommodation in Fiji.