The National,Friday March 18th, 2016
Papua New Guinea Air recorded a “significant turnaround” in 2015 with a profit of K4.21 million, according to its report to the Port Moresby Stock Exchange.
In the report, the airline said the significant turnaround had been made possible through greater passenger revenue despite a decrease in charter revenue.
The airline directors said 2015 was a momentous year for the airline, with its first two new ATR 72-600 aircraft joining the fleet, and the airline re-branded as Papua New Guinea Air.
The company said five more ATR 72-600 aircraft would be introduced by the end of 2017, with three by the end of 2016.
The company reported that its revenue from regular passenger transport operations increased by around 29 per cent compared to the previous year.
It said as the new ATR aircraft began service late in the year, only a small portion of this increase was attributed to the aircraft.
“Despite charter revenues decreasing because of the contraction of the resources industry, the greater passenger revenue and freight revenue, savings in both direct and indirect costs resulting from an efficiency drive over the past several years has seen the airline generate an operating profit before abnormals and tax of K4.21 million for the year,” the company said.