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Samoa Airways jet operations ran at a loss of $6.64 million (US$2.49 million) for the October – December Quarter of the 2018-19 financial year.
The losses were outlined in a performance report submitted to the Ministry of Public Enterprises, which oversees the finances of public bodies.
The report says “other operations” generated a profit of $1,455,954(US$546,713)
The jet operation ran at a loss of $6,640,178 (US$2,486,606) which led to a year-to-date net loss for the airline of $4,805,440(US$1,799,536).
This was due to an increase in spending for the jet operation.
Jet fuel spending for the quarter also exceeded its budget, says the report.
Last year Samoa Airways took on a $15 million (US$5.6 million) loan from the Unit Trust of Samoa.
At the time, the Minister of Public Enterprise, Lautafi Selafi Purcell, said new companies should have a backup plan in case of an emergency and to ensure the company does not scramble to look for money. The comments were made in the context of the loan from UTOS.
“With any starting company, especially an airline which is very costly, during its first 24 months will operate on a loss. However, for the Samoa Airways that has changed and our flights have been full since last month,” he said.
The Minister denied the airline was in a financial quagmire.
SOURCE: SAMOA OBSERVER/PACNEWS
Pacific Islands News Association
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