in comparison its pre-tax profit for the first six months was $15.5 million and the company said the performance was an “exceptional result”, but warned tourism flights would probably not resume in full until “at least 2022”.
It has also announced it will give away $1000 in shares to each of its employees because of their work during the pandemic.
The company’s balance sheet was already in an excellent position before COVID-19, and the extra cash generated by the increase in the forecast result will further enhance the already strong net debt and balance sheet position, it told investors.
“The swift and flexible response has seen Alliance capitalise on additional demand for flights in the resource sector and, particularly, increases in flight schedules of contracted clients,” it said.
During this time, Alliance has also attracted a number of new resource sector clients.
Alliance’s wet lease agreement with Virgin was still in place but suspended and Alliance was not expecting any wet leasing activity for the remainder of 2020 and was anticipating limited demand for these services in 2021.
It said it had experienced a substantial increase in demand for charter services and expected to deliver its strongest charter revenue result in many years.
“The additional demand is being driven by a combination of social distancing and a lack of availability of scheduled flights by other operators.
“Alliance’s operational expertise and flexible approach has seen a significant number of new resource sector clients take up charter services and the expectation is that this level of revenue will continue through 2021.
“The impact of COVID-19 has been unprecedented and one of the reasons that Alliance has been able to continue its excellent financial performance, during this time, is its staff.
“On that basis, in recognition of their exceptional performance, flexibility and ongoing contribution to the success of the company, eligible employees will be offered free shares to the value of $1000.”Jump to next article