POLYBLUE SOARS TO NEW HEIGHTS WITH RECORD PROFIT

Written by Media Release
Wednesday, 27 August 2008
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. *Market Growth Statistics for Samoa since launch of Polynesian Blue in October 2005* Ex NZ to Samoa ^ +67.5% (holiday arrivals) Ex Aust to Samoa ^ +34.9% (holiday arrivals) Ex AUS + NZ ^ +53.8 (holiday arrivals) Source: DIMIA Australia and New Zealand Statistics Polynesian Blue has also announced it will be increasing services to and from Samoa as part of its ongoing growth strategy. Comments (2) Subscribe to this comment's feed Best Minds in Samoa written by The Prime Minster is Smart, August 28, 2008 Thank You Mr. Prime Minister for making the decision 3 years ago to hand over control of national airlline to Poly Blue. Semi-Privatization has helped Samoa tremendously since that decision. The people that run this succesful enterprise should be congratulated over and over. Mr. Prime Minister keep up the good work. We like you! Tama Samoa Malo lava written by Osamaoan, August 31, 2008 Credit where credit is due. This is the most successful policy initiative by the HRPP since its decision in 1984 to start up the National University of Samoa. It is a masterstroke and one that has done great wonders for Samoa's tourism industry - which has the potential to become the major income earner for Samoa's economy. Compared to the ridiculous losses that Polynesian Airlines made, this Polyblue is a testament to foresight and long-term vision. I was a supporter of getting rid of Polynesian's international operations. Every year, the govt had to give millions of tala to prop up that failing airline, and when it finally downsized it and went with Polyblue, it was a great decision. The best Tuilaepa and his cabinet has ever made. Write comment Name Email Title Comment
Last Updated ( Wednesday, 27 August 2008 )

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