The Privatisation and Corporatisation Board (PCB) has unveiled an encouraging financial report for Island Aviation Services Limited (IASL), demonstrating a noteworthy shift in the company’s performance. According to the PCB’s Quarterly Review report for the first quarter of 2023, IASL has achieved an operating profit of approximately MVR 41.5 million. This marks a significant milestone as it represents the first time in the past five years that the company has reported such a substantial operating profit.
The report goes on to detail IASL’s financial status, revealing that the company generated revenue amounting to approximately MVR 557.60 million. This figure represents a remarkable 17% increase when compared to the previous quarter of 2022, and an impressive 27% surge when compared to the first quarter of 2022.
The primary driver behind this surge in revenue during the first quarter of 2023 was the notable increase in the number of passengers on domestic flights. Specifically, revenue from domestic flights surged by 16%, while revenue from international flights witnessed a 2% increase. Additionally, the revenue from seaplane operations also demonstrated healthy growth, increasing by 15% compared to the final quarter of the previous year.
Furthermore, IASL has not only managed to reverse its operating losses but has also recorded a net profit of approximately MVR 10.74 million during the first quarter of this year. This achievement is particularly significant, especially when compared to the previous quarters, which saw losses of approximately MVR 53.58 million in the last quarter of 2022 and MVR 53.46 million in the first quarter of 2022.
