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Air Pacific falls to loss

written by WOFA | 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.”

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.


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