Island Aviation sees 35 percent increase in profits last year

Island Aviation Services Ltd has revealed that they gained a 35 increase in profit during 2012.

Statistics shared by IAS shows that they gained a total of MVR 46.9 million in profit last year, compared to MVR 34.4 million in 2011.

Abdul Haris, Managing Director of the state owned aviation company said today that the drastic increase in profits is largely attributed to an increase in their share of the tourist market, following their recent launch of new routes.

“We’re now seeing the benefits of penetrating the tourism market. The company has seen profits from all businesses except the CIP lounge. There is a special increase in cargo and domestic travel,” Haris said.

The company showed a dividends profit of MVR 5 million in 2012 and gained a total revenue of MVR 739.9 million, compared to a total revenue of MVR 636.5 million in 2011.

Managing Director Haris said that 2012 was a particularly successful year for the company.

“We started jet operations, along with which we began flights to new destinations last year. In addition, we went into the airport business and started operating Dharavandhoo Airport. We also won Kadhdhoo Airport through a bidding process. I’d have to say last year was very successful,” he said.

Haris said that Island Aviation has contributed over MVR 120 million in profits to the government.

“It has become a successful company within such a short period of time, which could not have been accomplished if it wasn’t for the hard work of our directors and staff,” he said.