• PNG Business News

PNG Ports posts K9.3m for first six months

PNG Ports Corporation Ltd (PNGPCL) acting managing director Fego Kiniafa says the company’s management account for the first half of the year had a net profit of K35.7 million.

Kiniafa told The National yesterday that the company’s profit after tax for only the first half of this year was K9.3 million less from the overall profit after tax for 2018 and that showed that the company was performing well.

“Last year, the company made a profit of K45 million after tax,” he said.

“By mid-year management account stands at K35.7 million net profit. That’s just half year results and is only K9.3 million less from the overall profit after tax for the whole of last year.”

Kiniafa said the figures showed that the State-owned enterprise (SOE) was competitive and earning a profit based on good management practices.

“PNG Ports has around 500 workers and we represent the people of the country,” he said.

“We cannot sit in our glass houses and our air conditioned offices and say everything is alright.

“No, nothing is ok.

“There is lack of medicines, lack of government services and our people are struggling to live and as a company owned by the people, we must think of the shareholders of this company to do better, make money and pay dividends to the government so that the money can be used to provide goods and services to the people.”

Kiniafa said an internal audit was being done and more savings were expected to be made following recommendations to make the company more efficient and cut wastage.

“Our target now is to reach K70 or K75 million profit after tax and I am confident that we can achieve this target with the support of our company board,” he said.

He said the company had owed K15 million in unpaid tax to the State over the last six years. We paid K5 million last week and will pay the remaining K10 million before the end of this year,” Kiniafa said. “That is in addition to the assessable tax for the business this year which about K21 million which we are going to pay to the state.

“So the business is good and I take the opportunity to be the acting managing director with humility and grace to serve our people.”

PNG Ports chairman Sir Nathaniel Poya said the management had taken stringent cost cutting measures which had resulted in the State-owned enterprise saving of K2.02 million for the first quarter of this year.

Source: https://www.thenational.com.pg/png-ports-posts-k9-3m-for-first-six-months/

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