Skywest has announced strong half-yearly results, headlined by a 948 per cent pre-tax increase in net profit.
The state’s major regional airline’s pre-tax profit increased from $102,394 to $1,072,719 for the six months to December 31 2005.
Over the same period, net operating cash flows rose 49 per cent to $3,120,635, and revenues increased 15 per cent to $38,066,485.
Other highlights included investment in aircraft, plant and equipment rising 95 per cent to $2,999,470.
In strategic developments, Skywest has been confirmed as the exclusive licence holder to operate services on the coastal network of Western Australia. The right is for a term of three years with an option for a further two-year extension and represents approximately 70 per cent of Skywest’s passenger numbers.
In January, the company commenced providing a charter service to The Granites mine site, located in the Northern Territory, for Newmont Mining staff. A letter of intention was executed for the provision of the charter service for a four-year period, with expected annual revenue for Skywest of approximately $3.2 million.
During the period, Skywest’s ultimate parent company, Advent Air Ltd, listed on the London Stock Exchange’s AIM market along with stating an intention to continue to increase its shareholding in the company.
Each year, Skywest flies more than 320,000 people across WA, the Northern Territory and Bali.
The airline has been operating in WA for more than 40 years as a key link for regional communities, tourists and businesses.
