“Record” profit?

Radio Fiji run by Riaz Sayed-Khaiyum has declared that Fiji Airway’s “profit before income tax of $18 million for the financial year ending March 2013” is a “record” profit. This is a blatant lie. As recently as 2008 Air Pacific made a profit before tax of $41.1 million. And those were real dollars in 2008 before the 2009 sinking of our dollar after the trashing of the 1997 Constitution. And let’s not forget Air Pacific had an operating loss of $91.8 million three years ago.

Radio Fiji 23 July 2013 Fiji Airways announces record profits
http://www.fbc.com.fj/fiji/12255/fiji-airways-announces-record-profits

5 Responses to ““Record” profit?”

  1. Donasele Says:

    This lying by the illegal regime is unfathomable. They think the public is going to accept any garbage they dish out as truth.

    They hope they will be bouyed up with lies….no they are digging their graves deeper.

    WE CANNOT VOTE FOR SUCH AN UNPRINCIPLED GANG OF THIEVES

  2. LR1632 Says:

    From their website “2010/11 profits included net amounts received due to the cancellation of delayed aircraft deliveries partially offset by associated contractual commitments.” So how much is a carryover from this payout by Boeing? Interesting to note that the actual payout amount is not released so we dont know how much was used to prop up the bottomline figures since 2010/2011.

  3. Dredd Says:

    I wonder if any of this profit is from surplus from FNPF loan for purchase of airbus planes. Next year then we’ll be able to know.

  4. Navosavakadua Says:

    Board Chairman Nalin Patel said they had initially expected to make a loss and he was surprised to find a profit!!
    This should be like a flashing red light. The profit they’re reporting could well be the product of phony accounting. We can trust nothing that comes from a company under the control of Aiyaz Sayed-Khaiyum. He knows how much concern there is among FNPF contributors who know that their funds have been used to pay the deposit for a billion dollar loan. This false profit could be a lie to calm all the fears about the FNPF.

  5. Devil's in the details Says:

    Agree with Navosavakadua of possible phony accounting and creatively hiding the massive debt and liabilities – refer Enron scandal, where “the primary motivations for Enron’s accounting and financial transactions were to keep reported income and reported cash flow up, asset values inflated, and liabilities off the books.” End result was bankruptcy.

    Treasonous iAG magic ‘profit’ statement through his puppet chairman reeks of lies, cover up and underlying deceit – to be expected of non-transparent, dictatorial regime. They’re definitely hiding the real details that links up to the massive spending and debt they’ve accumulated illegally on behalf of workers and pensioners in Fiji.

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