By he Privatisation and Corporatisation Board (PCB) has disclosed that Island Aviation Services Limited (IASL) achieved an operating profit of USD2.7 million, marking its first profitable quarter in the last five years. The revelation was part of the PCB’s Quarterly Review report for Q1 2023, encompassing the financial performance of 30 state-owned enterprises.
According to the report, IASL’s revenue reached USD36 million, reflecting a 17% increase from Q4 2022 and a substantial 27% rise from Q1 2022. The surge in revenue during the first quarter of this year was primarily driven by a notable increase in domestic flight passengers. Notably, revenue from domestic flights rose by 16%, international flights by 2%, and seaplane operations by 15% compared to the previous quarter. Additionally, IASL reported a net profit of USD696,000 in the first quarter of this year.
This positive outcome contrasts with the state-owned company’s USD3.4 million loss in the last quarter of 2022 and a USD3.5 million loss in the first quarter of 2022.
Maldivian, the national airline of the country is the leading domestic carrier in the Maldives. Maldivian currently operates to India, Bangladesh, Thailand and China from its main hub at Velana International Airport. Maldivian is also the only operator in the country who offer both seaplane and wheel base flights in Maldives.
The nation’s carrier today operates daily frequent flights to 16 airports within the country and offers competitive air transfers to all resorts in the Maldives.