Air Seychelles, the national carrier of the Republic of Seychelles, has announced its third consecutive year of profitability after recording a net profit of $3.2 million in 2014, says a press release in Dhaka.
The result exceeds last year's profit of $3 million and reflects continued improvement in the airline's key performance indicators, following Etihad Airways' acquisition of a 40 per cent share in 2012.
As a result of significant network growth in 2014, total revenue of the airlines increased by 20 per cent to $106.9 million, compared with $88.7 million in 2013. Passenger revenue accounts for $81 million, also up from $66 million 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."
Chief Executive Officer of Air Seychelles, Manoj Papa, said: "Our increased profit figure is the result of higher revenue, greater productivity and an ongoing focus on costs."
Air Seychelles' network is growing through code shares and the airline now has code share agreements with five international partners giving travellers access to 45 destinations across 28 countries on five continents, adds the press release.
The airline's code share partners include Etihad Airways, South African Airways, airberlin, Alitalia and Hong KongAirlines. During the year, Air Seychelles signed two new code share agreements - with Alitalia to Rome and Venice, and Hong Kong Airlines to Bangkok.
In October 2014, Air Seychelles became one of the founding members of Etihad Airways Partners, a group of airlines, which provides many benefits of commercial collaboration, including resource sharing and joint procurement, enhanced network and schedule connectivity, and greater benefits for frequent flyers through integrated loyalty programmes.
Air Seychelles was established in 1978 and began long-haul service in 1983. The airline currently offers international flights to Abu Dhabi, Antananarivo, Dar es Salaam, Hong Kong, Johannesburg, Mauritius, Mumbai and Paris.
