Polynesian Blue announces result
Polynesian Blue, the joint venture airline of the Government of Samoa and Virgin Blue Airlines, has announced a pre-tax profit of NZD $1.19 million (approximately 2.22 million Tala#) for the period 30 October 2005 to June 2006.
The immediate success of Polynesian Blue has almost certainly contributed to the 18% increase in Samoan tourism earnings, equal to 22.9 million Tala, achieved over the period November 2005 to June 2006.
Polynesian Blue was launched in October 2005 at the initiative of the Government of Samoa which sought a private sector partner in a new international airline for Samoa. The Government of Samoa had previously injected close to $200 million Tala into Polynesian Airlines over a ten year period.
Commenting on the result, The Hon Tuilaepa Sailele Malielegaoi, Prime Minister of Samoa, said, “Virgin Blue’s commitment to this partnership has been much appreciated and the joint venture model is a shining ‘pacific’ star, not just for Samoa itself but for Samoan’s throughout the region.”
He continued, “The profitability of Polynesian Blue is a clear indication the joint venture model is successful in the market and we are confident this trend will continue. This is the first time in a decade that the Government has been in a position to progressively re-direct critical funds to health, education and other essential services rather than prop up Polynesian Airlines with taxpayer money. We are delighted that our decision to work with Virgin Blue has had such a positive impact on Samoa through increased tourism and economic benefits.”
Virgin Blue Chief Executive, Brett Godfrey, said, “The bold vision of the Prime Minister and the Samoan Government should be applauded for locking in essential air services while at the same time, mitigating the ongoing exposure associated with a national liability. We are both proud and humble in our association with the people of Samoa and its successful airline.”
Graham Muldoon
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