Fiji Airways rewards non-management staff after profit
May 2, 2019 6:19 pm
The Fiji Airways Group has today announced that its financial year ending December 2018 has had mixed results.
With high revenues and lower profits, the national carrier has managed to secure some highs.
Economy and Aviation Minister, Aiyaz Sayed-Khaiyum has revealed that the Fiji Airways is the first company in Fiji to achieve a revenue over the billion dollar mark.
Sayed-Khaiyum says the Group revenue increased 10% to $1.02 billion compared to $929 million for the previous Financial Year.
However, profit did not look as promising due to uncontrollable factors.
“Group profit before tax was F$55.3 million compared to $95.8 million for the previous Financial Year. Fuel price impacted profits by $31.5 million and foreign exchange valuations impacted profits by a further $8.2 million.”
Based on the results, the national carrier has announced that all Fiji Airways and Fiji Link non-management staff will receive a profit-share payout of $2,350.
Fiji Airways, Chief Executive, Andre Viljoen says profits were down 42% on the previous Financial Year.
“Fuel price dramatically increased from 2017 to 2018 by 28% and affected our profitability $31.5 million per year. I raise this as a serious challenge for Fiji Airways.”
Viljoen adds this is also as a result of unfavorable currency fluctuations and major fleet and infrastructure investments.