Manila Bulletin
October 26, 2012
Air Seychelles has announced third quarter revenues of US$13.8 million, up 23 percent on the second quarter, as the airline’s restructuring program took effect in the drive towards profitability for 2012.
The growth in revenues was led by a 51 percent quarter-on-quarter increase in passengers, up from 53,066 to 79,887, as seat factors rose from 43 percent to 60 percent.
Air Seychelles’ management team is confident that the airline will achieve its target of profitability in 2012, marking a major turnaround after several years of heavy losses.
Cramer Ball, Chief Executive Officer of Air Seychelles, said: “The scale of the task in turning around this company has been significant. There is a fantastic business here based on enthusiastic and committed people, but it needed a more effective commercial focus. Working together, we have been able to bring that new focus to bear. In this quarter, we have started to see the results. We are not just attracting more passengers but we are seeing higher yields on all our routes. Our costs are falling quickly, as new efficiencies come into play, and we are now running ahead of budget in our cost-cutting program.”
Ball said the positive impact of cooperation with shareholders Etihad Airways and the Seychelles Government was really starting to be felt. In January 2012, Etihad Airways took a 40 per cent shareholding in Air Seychelles and has a five-year management contract.
Flights to Abu Dhabi have increased to four per week, with onward destinations rising from 57 to 375 per week, opening up hundreds of new markets for quick and easy connectivity to the Seychelles.
“As we add capacity back into our fleet and build up network connectivity,” said Ball, “We are setting the foundations for long term, sustainable profitability, giving the Seychelles the national airline it deserves.”
The number of domestic passengers carried over the last three months also surged, up 30 percent to 43,949 compared to the previous quarter.
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