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Air Pacific falls to loss

written by australianaviation.com.au | July 16, 2010
Air Pacific 747-400. (Rob Finlayson)

Fijian carrier Air Pacific has recorded a net loss of F$65.3m (A$37.9m) for the year ending March 31, seemingly casting doubt on Qantas’s plans to sell its stake in the carrier.

The loss was attributed primarily to increased competition as well as fuel hedging losses. Nevertheless, new CEO Dave Pflieger said that the loss was “clearly unacceptable.”

“The world is different now and maintaining the status quo is not an option,” he said. “Air Pacific and our domestic carrier Pacific Sun both have to change if we are to succeed.”

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The loss is likely to result in Qantas delaying plans to sell its 46.8 per cent stake in Air Pacific, which it flagged last year after Jetstar announced plans to launch flight between Sydney and Nadi. Qantas is known to have been in discussions with the Fijian government, which is the major shareholder in the airline, but it is not known if the airline is actively looking for a buyer of the stake.

Steer your own in-flight experience – available on print and digital Whether our classic glossy magazine in your letterbox, daily news updates in your inbox, peeling back a few layers in the podcast or our monthly current affair reports, you can count on us to keep you up to date. Sign up today for just $99.95 for more exclusive offers here. Subscribe now at australianaviation.com.au.

Air Pacific falls to loss

written by australianaviation.com.au | July 16, 2010
Air Pacific 747-400. (Rob Finlayson)

Fijian carrier Air Pacific has recorded a net loss of F$65.3m (A$37.9m) for the year ending March 31, seemingly casting doubt on Qantas’s plans to sell its stake in the carrier.

The loss was attributed primarily to increased competition as well as fuel hedging losses. Nevertheless, new CEO Dave Pflieger said that the loss was “clearly unacceptable.”

“The world is different now and maintaining the status quo is not an option,” he said. “Air Pacific and our domestic carrier Pacific Sun both have to change if we are to succeed.”

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The loss is likely to result in Qantas delaying plans to sell its 46.8 per cent stake in Air Pacific, which it flagged last year after Jetstar announced plans to launch flight between Sydney and Nadi. Qantas is known to have been in discussions with the Fijian government, which is the major shareholder in the airline, but it is not known if the airline is actively looking for a buyer of the stake.

Steer your own in-flight experience – available on print and digital Whether our classic glossy magazine in your letterbox, daily news updates in your inbox, peeling back a few layers in the podcast or our monthly current affair reports, you can count on us to keep you up to date. Sign up today for just $99.95 for more exclusive offers here. Subscribe now at australianaviation.com.au.

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