First Air Seychelles profit in three years highlights strong turnaround

Air Seychelles, the national airline of the Republic of Seychelles, reported a net profit of US$1m for the 2012 financial year. The positive result comes just 12 months after Etihad Airways acquired a 40 per cent stake in the airline and was awarded a five year management contract. The profit follows three years of significant losses. The Chairman of Air Seychelles, Joel Morgan, said the past year had been focused on reshaping the business of the iconic Indian Ocean airline for success. “The choice of Etihad Airways as a strategic partner has been the right one. Working with our new partner, we have had to make some hard decisions to turn the airline around. We are now seeing the successful results of our strategy,” he said.