PNG Air Reports Improved Performance For 2019
PNG Air has released its 2019 results with the highlight being an increase in total direct revenue of 2 per cent over the 2018 year.
“Strong freight revenue growth of 22 per cent and charter revenue growth of 10 per cent offset a 3 per cent drop in regular passenger transport revenue to give us that overall revenue growth,” said William Lamur, PNG Air chairman.
“Using the same accounting treatment as in 2018 that revenue growth and cuts in costs would have given the Airline an operating profit of K9 million, compared to 2018’s operating loss. Considering the tough economic times, that’s a very creditable improvement,” said Mr Lamur.
“However, the international accounting standards changed in 2019 and require us to treat our future lease obligations differently, turning that operating profit into a K5.2 million paper loss, before tax,” said Mr Lamur.
Mr Lamur pointed to the continuing soft PNG economy, a lack of new resources projects and new exploration and foreign exchange issues as challenges for the Airline, as they are for all PNG businesses. In response to those challenges, Mr Lamur said PNG Air is focusing on continued improvement in its passenger services and in the efficiency of its operations.
“The work done over the past 2 years will allow PNG Air to provide an attractive choice to PNG people and businesses. “We’re committed to offering safe, competitive aviation services to support the development of PNG and its people, with the youngest fleet in the country.
“PNG Air remains in contact with PNGX Markets regarding the ongoing suspension of the Airline’s shares and expects to be able to make a further announcement on that subject shortly.” Continue reading at https://postcourier.com.pg/png-air-reports-improved-performance-for-2019/ | Post Courier