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Air Seychelles reports USD1m profit in 2012

19-Mar-2013 2:50 PM

Air Seychelles reported (18-Mar-2013) net profit of USD1 million in FY2012. The airline reported significant synergies and cost savings from its equity partnership with Etihad Airways. Air Seychelles chairman Joel Morgan said, "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...I am confident we have now laid the ground work for sustainable profitability." Etihad Airways president and CEO James Hogan said, "This performance validates the strength of our equity alliance proposition in which closer committed commercial collaboration drives revenue growth, and the integration and consolidation of key functions, achieves economies of scale and cost savings. It is also testament to the hard work and willingness of the Air Seychelles team to embrace change and make the tough decisions required in reshaping their business." Air Seychelles reported a total of 247,750 passengers for the year, during which it commenced 19 codeshare agreements, expanded its network to Abu Dhabi and received its first two A330-200 aircraft. The airline plans to commence service to Hong Kong from 24-Mar-2013 and increase frequency to Abu Dhabi, Johannesburg and Mauritius. [more - original PR - Air Seychelles] [more - original PR - Etihad Airways]