Air Seychelles has posted its third consecutive year of profit with net profit amounting to $3.2 million last year, exceeding the previous year profit of $3 million.

The results reflected continued improvement in the airline’s key performance indicators, following Etihad Airways’ acquisition of a 40 per cent share in 2012 and the implementation of a turnaround plan to create a sustainable business, said a statement.

As a result of significant network growth last year, the total revenue increased 20 per cent to $106.9 million, compared with $88.7 million in 2013.

The passenger revenue accounted for $81 million, up from $66 million in 2013.

The cargo tonnage for the same period rose strongly by 34 per cent to 7,311 tonnes, up from 5,441 tonnes in 2013.

Joël Morgan, Seychelles Minister for Foreign Affairs and Transport and Air Seychelles board chairman, said: “The continued strengthening of the business is very pleasing and is a result of an effective management team, committed workforce, and a strong and trusted partnership with Etihad Airways.

“Air Seychelles is delivering for the economy and people of Seychelles through employment, tourism, trade and a substantial increase in the awareness of Seychelles’ brand in Africa, Europe and Asia.

“With further significant financial support from its shareholders, we hope Air Seychelles can announce a further expansion of its network in its key markets as well as new markets in 2015, thereby increasing its economic contribution to Seychelles.

 “The airline currently employs more than 650 Seychellois in an environment where commitment and performance are recognised, and where training and development is of the highest international standards.

“The Government supports Air Seychelles’ strategy to operate a commercially sustainable and profitable airline by developing a strong and connected network, which meets the demand of both business and leisure travellers.

Manoj Papa, chief executive officer of Air Seychelles, said: “Our increased profit figure is the result of higher revenue, greater productivity and an ongoing focus on costs.

“While the competitive environment remains challenging, these results show we are progressively consolidating and building on our achievements.”

Air Seychelles’ network is also growing through codeshares and the airline now has codeshare agreements with five international partners giving travellers access to 45 destinations across 28 countries on five continents, with more planned, said the statement.

The airline’s codeshare partners include Etihad Airways, South African Airways, airberlin, Alitalia and Hong Kong Airlines, which feed traffic onto Air Seychelles’ network while providing greater convenience and choice for travellers.

During the year, Air Seychelles signed two new codeshare agreements - with Alitalia to Rome and Venice, and Hong Kong Airlines to Bangkok. - TradeArabia News Service