K63 million profit for PNG Power

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By HELEN TARAWA
PNG Power has announced a K63million profit for last year despite enormous  challenges the State-owned entity faced.
Chairman Andrew Ogil attributed the success to the efforts of employees and the  previous board and management, saying that much of the money would be reinvested into the ageing equipment.
“This is due in no small parts to your efforts and much of this will be reinvested into PNG Power,” he told members.
“We’ve got ageing equipment, we need to reinvest into the facilities and equipment.
“I know that some of this ageing equipment hampered our advancement, so this is the position that the board will take, we will communicate appropriately to the authorities that the profits we make we will go back in to invest into PPL,” Ogil said.
He said PPL was currently trading well financially this year and he was hopeful that there would be a better result to announce.
“Let us continue to maintain areas that we can control costs in, we can make the money in, and I want to thank the team that is collecting the revenue that hasn’t been experienced before,” Ogil said.
“The important challenge to you and I is that the money that the team is collecting must be continued to be used well for PNG Power.
“We are reaching some high levels but the important thing is that we need to manage that revenue well.”
Ogil said apart from reinvesting into ageing equipment, the board was committed to enhancing and executing new technology because it was a highly technical organisation.