In third quarter 2012, Air Seychelles reported a revenue of $13.8 million, an increase of 23% compared to the second quarter, as a restructuring program was undertaken in conjunction with a deal with Etihad Airways.
Passengers increased 51% in the quarter to 79,887 from 53,066, and seat factors rose to 60% from 43%. Management is confident that the airline will break even by the end of 2012 and be profitable.
The number of domestic passengers carried over the last three months also surged, up 30% to 43,949 compared to the previous quarter. These increases were supported by a 14% increase in domestic flights with 3,283 domestic flights to Praslin, Bird Island, Denis Island, Fregate Island and D’Arros.
The airline introduced its first Airbus A330-200 in the quarter and plans to add a second one in early 2013.
“In this quarter, we have started to see the results,” said CEO Cramer Ball. “We are not just attracting more passengers but we are seeing higher yields on all our routes. Our costs are falling quickly, as new efficiencies come into play, and we are now running ahead of budget in our cost-cutting program.”
As part of the deal with Etihad, the carrier took a 40% stake in Air Seychelles and has a five-year management contract. Flights to Abu Dhabi have increased to four per week, with onward destinations rising from 57 to 375 per week. Further, the Etihad Airways Career Development Programme will train pilots and cabin crew in Abu Dhabi. Air Seychelles Plus was also integrated into the Etihad Guest frequent flier programme.