Air Seychelles, the national airline of the Republic of Seychelles, today reported a net profit of US$1 million for the 2012 financial year.
The positive result comes just 12 months after Etihad Airways acquired a 40 per cent stake in the airline and was awarded a five year management contract. The profit follows three years of significant losses.
The Chairman of Air Seychelles, Joel Morgan, said the past year had been focused on reshaping the business of the iconic Indian Ocean airline for success.
“The choice of Etihad Airways as a strategic partner has been the right one. Working with our new partner, we have had to make some hard decisions to turn the airline around. We are now seeing the successful results of our strategy,” he said.
“To record a profit after the immense challenges we faced a year ago is an incredible achievement. I am proud of the enormous progress Air Seychelles has made. The recovery of Air Seychelles is a new chapter not only in our airline’s history—but our nation’s. I am confident we have now laid the ground work for sustainable profitability and our brightly-coloured aircraft will cheer the skies for years to come.”
To optimise the schedule and enhance connectivity with its partner airlines, the Air Seychelles’ network was expanded through 19 codeshare destinations with Etihad Airways, opening up key European markets, and with the introduction of four flights a week to Abu Dhabi.
The network expansion was made possible by renewed investment in fleet. During the year, the airline introduced an Airbus A330-200 and wet-leased an Etihad Airways’ Airbus A320 on the Mauritius route.
“We are going to continue to build our capacity with a second A330-200, allowing us to start flights to Hong Kong to capture the lucrative Asian leisure market in March 2013. We will also be increasing the frequency of flights to Abu Dhabi, Johannesburg and Mauritius.”