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Fri 13 Mar 2015 04:01 AM

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Etihad-backed Air Seychelles posts $3.2m net profit in 2014

Airline announces third consecutive year of profitability following deal for Etihad to buy 40% stake

Etihad-backed Air Seychelles posts $3.2m net profit in 2014

Air Seychelles, in which Abu Dhabi-based Etihad holds a 40 percent stake, has announced a third consecutive year of profitability after recording a net profit of $3.2 million for 2014.

The result exceeds last year’s profit of $3 million and reflects continued improvement in the airline’s key performance indicators, following Etihad Airways’ acquisition of its share in 2012 and the subsequent implementation of a turnaround plan.

As a result of significant network growth in 2014, total revenue increased by 20 percent to $106.9 million, compared with $88.7 million in 2013, the airline said in a statement.

Passenger revenue accounted for $81 million – up from $66 million in 2013 while cargo tonnage for the same period rose by 34 percent to 7,311 tonnes, up from 5,441 tonnes in 2013, it added.

Joël 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.

“With further significant financial support from its shareholders, we hope Air Seychelles can announce a further expansion of its network in its key markets as well as new markets in 2015, thereby increasing its economic contribution to Seychelles."

Manoj Papa, CEO of Air Seychelles, added: “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."

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