Air Pacific records loss
Fiji’s national airline Air Pacific and the Air Pacific Group of companies recorded an after tax loss of $65.3 million and $59.0 million respectively for the 2009/2010 financial year.
The loss is quite significant compared to the previous year where losses stood at $5.2 million and $7.2 million respectively.
Air Pacific chairman Nalin Patel says this was the toughest financial year for the company due to high fuel costs, the impact of new competition, lower fares and the global financial crisis.
Patel says the journey back to acceptable levels of profitability will be challenging but he is confident this will happen with the new team and board they have put in place.
Air Pacific’s recently appointed Managing Director and CEO Dave Pflieger says the losses are unacceptable going forward, and the airline will have to change if it has to succeed.
Pflieger says he is confident Air Pacific will bounce back with new strategies, team work and hard work.