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Air Seychelles posts strong Q2 results

Abu Dhabi, September 4, 2013

Air Seychelles, which is partly owned by Abu Dhabi carrier Etihad Airways, recorded a strong second quarter and half-year financial performance, reflecting continued solid growth and success in its turnaround strategy.

During the second quarter, the Seychelles airline posted a significant increase of 139 per cent in its total revenues which hit $26.03 million from $10.87 million last year. The total revenues for the first half reached $42.05 million compared to $18.76 million last year, up by 124 per cent, said a statement from the national carrier.

The passenger revenues for the quarter surged 146 per cent to hit $17.5 million from $7.1 million, a significant increase of 146 per cent. For the first half, Air Seychelles said the passenger revenues soared to $27.97 million, up 99 per cent from $14 million last year.

The passenger numbers on the airline’s domestic and international services in the second quarter grew 56 per cent, rising to 82,893 from 53,066, it added.

CEO Cramer Ball attributed the second quarter and half-year results to the airline’s ongoing turnaround strategy, which included significant expansion of international services following the addition of a second Airbus A330-200, and greater revenue contributions from its equity partner Etihad Airways and codeshare partners.

“We achieved triple digit growth in the second quarter of 2013 -- a tremendous result and further evidence of the success of our strategy,” he remarked.

"At the beginning of the year, we committed to the further development of our network through organic growth and partnerships and we have delivered on that promise. Today, thanks to our new codeshare partnerships and the expansion of our codeshare agreement with Etihad Airways, Air Seychelles now proudly flies to four continents," said Ball.

"We are realising significant returns on these relationships, with a 34 per cent contribution to our total revenue in the second quarter. We are creating a solid foundation for the future of our airline, Seychelles tourism and our home economy, and we are on track for a second year of profitability," he added.

The airline expanded its codeshare agreement with Etihad Airways to include Dublin, Melbourne and Sydney, bringing to 23 the number of codeshare destinations served by the airlines.

Air Seychelles has also signed codeshare agreements with airberlin, South African Airways and Czech Airlines, adding Berlin, Düsseldorf, Johannesburg and Prague to its codeshare network.

Joël Morgan, Seychelles’ Minister for Home Affairs and Transport, and chairman of Air Seychelles, said: "The half-year performance of our national airline has exceeded expectations. As a result of its equity partnership with Etihad and the codeshare agreements with other airlines, the airline has increased its global presence, resulting in record growth for Seychelles tourism."

Tourist arrivals on Air Seychelles have more than doubled, increasing by 131 per cent from a year ago, and the excellent feedback we have received from our guests’ experiences confirms that we are on track to achieving the goal of becoming the best airline in the region, he added.-TradeArabia News Service




Tags: Etihad Airways | profit | equity | Air Seychelles |

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