Island Aviation Sees Surge in Revenue with Strong Performance in Q1

Island Aviation reported a notable revenue of MVR 557.60 million for the first quarter of the current fiscal year, as per recent figures released by the Privatization & Corporatization Board (PCB). The figures are part of the ‘Quarterly Review’ report, which highlights the financial standings of 30 state-owned enterprises (SOEs).

Year-on-year comparisons indicate that Island Aviation’s revenue soared by 17% compared to the corresponding quarter of the previous year. The rise in revenue is largely attributed to a significant increase in the number of passengers across different flight categories. Specifically, domestic flights saw a revenue bump of 16%, while foreign trips and seaplane travel accounted for revenue growths of 2% and 15% respectively.

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Contributing to the company’s offerings, Island Aviation introduced the ATR2 aircraft to its fleet this quarter. Further bolstering its services, the airline resumed flights to Faresmaathodaa Airport and initiated the sale of jet fuel to private jets at Maafaru Airport.

Ground handling services have also seen a significant uptick in revenue, registering an 88.9% increase for the quarter. This growth is primarily due to the rise in the number of jets landing at Maafaru Airport, an establishment managed by Maldivian.

Within the first quarter, the company recorded a profit of MVR 41.55 million from its operations. In the first quarter of the current fiscal year, Island Aviation reported a net profit of MVR 10.74 million, a significant upturn driven by augmented revenue and operational profits. This contrasts with the previous year’s last quarter, where a net loss of MVR 53.58 million was registered. Additionally, the company had faced a loss of MVR 53.46 million in the first quarter of the preceding fiscal year.

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