One
year on from when Abu Dhabi-based carrier, Etihad Airways (EY), signed a
Memorandum of Understanding to acquire a 40 per cent stake in then
struggling Air Seychelles (HM), the Seychellois airline has unofficially
posted a USD1million profit. |
| Air Seychelles second Airbus A330 arrives in Mahe (Air Seychelles) |
During
the ceremony, Seychelles Minister of Home Affairs and Transport, Joel
Morgan, spoke about the daunting task that confronted Air Seychelles
management after posting losses of EUR12.5million for FY2010/2011:
“Success embraces only those who have depth in their convictions, foresight in their decisions and courage in their actions. This is the story of the past 15 indelible months for Air Seychelles; a story that could be entitled: From crisis to recovery.
“When I review the immense challenge that we faced in January 2012 and that now I see our airline declaring a profit of one million dollars in under one year of recovery, I feel great pride and emotion for all the dedicated and loyal employees of Air Seychelles, and for us all, the people of Seychelles.”
Source [The Nation]
In March 2012, Etihad signed a five-year deal with Air Seychelles worth USD65 million aimed at turning the island's state airline from a loss-maker into a profitable business.
Speaking in 2012, Etihad boss, James Hogan said of Air Seychelles at the time:
"What we saw was a good airline, but a bad business. What we also saw was that we could make this a great airline and a great business," said Mr Hogan
Source [The Abu Dhabi National]
Previous audits of the airline had found that the financial losses were
primarily due to the rise in fuel costs, high maintenance costs,
exchange rate fluctuations and lower revenue levels compared to previous
years.
