City Cruises

Published on Friday, August 29, 2008

Polynesian Blue Soars with record $9.18 Million (NZD) Pre Tax Profit

Polynesian Blue Airlines, the joint venture airline between Virgin Blue Airlines and the Government of Samoa, has announced a record pre-tax profit of NZD $9.18 million dollars (approximately 16.6 million Tala©) for the 07/08 financial year, up 71% from last year’s pre-tax profit of NZD $5.363 million.

As a result, the Polynesian Blue Board has also unanimously agreed to pay off one third of the priority loan advanced by Shareholders as part of the launch capital for Polynesian Blue (NZD $1.969 million), as well as the accrued interest on the loan (NZD $1.32 million).  The amount to be paid to the Government of Samoa is NZD $1.623 million ($2.94 million Tala©).

The Hon Tuilaepa Sailele Malielegaoi, Prime Minister of Samoa said, “Our decision to join with Virgin Blue Airlines in creating a national airline that would be financially viable and provide our country with growth and financial stability has again been vindicated by the ongoing profitability of Polynesian Blue.  Samoa has benefited greatly from the success of Polynesian Blue and the people of Samoa can be further heartened with the payment from Polynesian Blue to our Government,  which will be re-invested to directly benefit our people.”

The Hon Tuilaepa Sailele Malielegaoi continued, “I congratulate the Board and Management for the excellent results and profound impact the airline has had on our people, tourism industry and the economy in the short time the airline has been in existence.”

Virgin Blue Chief Executive, Brett Godfrey, said, “It is a tremendous achievement for any airline to be making money in the current aviation climate and Polynesian Blue is well and truly performing like a seasoned player in the global arena, generating a good profit when airlines around the world are collapsing under the weight of industry  challenges.  The ongoing success of Polynesian Blue is testimony to the shared vision and strategy behind the airline, as well as the fantastic frontline team responsible for day to day operations.”

He continued, “The partnership between Virgin Blue and the Government of Samoa has exceeded expectations and Polynesian Blue is proving to be a profitable and solid national carrier for Samoa.  Without doubt, Polynesian Blue services have contributed to the country’s tourism growth and burgeoning popularity as a desirable destination and of that association, we are very proud.”

Since the launch of Polynesian Blue, holiday arrivals to Samoa from both Australia and New Zealand have increased dramatically. Polynesian Blue has also announced it will be increasing services to and from Samoa as part of its ongoing growth strategy.

From Monday 1 December 2008, Polynesian Blue will launch a brand new direct weekly flight between Brisbane, Australia and Apia.  Polynesian Blue will become the first and currently only airline to operate on that route offering Queenslanders a direct, convenient option to fly from the Sunshine State to Samoa.   Brisbane is fast becoming the Australian hub for services to the Pacific Islands, with more travellers opting for short breaks in the neighbouring countries.

On top of the new Brisbane service, from 25 September 2008, Polynesian Blue will also add an additional weekly flight between Apia and Auckland, New Zealand taking the total number of services to 12 direct flights per week.  It is the second time Polynesian Blue has increased frequency on this route following ongoing support and demand.

A Report By The Mole

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