Air Seychelles posts third consecutive year of net profitability
ATP- arab tourism portal- (WAM) – Air Seychelles, the national carrier of the Republic of Seychelles, today announced a third consecutive year of profitability after recording a net profit of US$3.2m for 2014.
The result exceeds last year’s profit of US$3 million and reflects continued improvement in the airline’s key performance indicators, following Etihad Airways’ acquisition of a 40 percent share in 2012 and the implementation of a turnaround plan to create a sustainable business.
As a result of significant network growth in 2014, total revenue increased by 20 percent to US$106.9 million, compared with US$88.7 million in 2013. Passenger revenue accounts for US$81 million– up from US$66 million in 2013.
Cargo tonnage for the same period rose strongly by 34 percent to 7,311 tonnes, up from 5,441 tonnes in 2013.
Joel Morgan, Seychelles Minister for Foreign Affairs and Transport and Air Seychelles Board Chairman, said, "The continued strengthening of the business is very pleasing and is a result of an effective management team, committed workforce, and a strong and trusted partnership with Etihad Airways.
"Air Seychelles is delivering for the economy and people of Seychelles through employment, tourism, trade and a substantial increase in the awareness of Seychelles’ brand in Africa, Europe and Asia.
"The airline currently employs more than 650 Seychellois in an environment where commitment and performance are recognised, and where training and development is of the highest international standards.
"The Government supports Air Seychelles’ strategy to operate a commercially sustainable and profitable airline by developing a strong and connected network, which meets the demand of both business and leisure travellers." Chief Executive Officer of Air Seychelles, Manoj Papa, said, "Our increased profit figure is the result of higher revenue, greater productivity and an ongoing focus on costs. While the competitive environment remains challenging, these results show we are progressively consolidating and building on our achievements.
"Our strategy is to use Seychelles’ unique position in the Indian Ocean to capture the strong travel flows between East Africa, the Western Indian Ocean, the UAE and the Indian Subcontinent. For example, the strong growth in passenger numbers from Mumbai to other destinations on our network shows this approach is working." The airline’s codeshare partners include Etihad Airways, South African Airways, airberlin, Alitalia and Hong Kong Airlines, which feed traffic onto Air Seychelles’ network while providing greater convenience and choice for travellers. During the year, Air Seychelles signed two new codeshare agreements – with Alitalia to Rome and Venice, and Hong Kong Airlines to Bangkok.