Airline reports performance improvements

PNG Air has reported continued improvement in its performance in the first half of this year despite the current negative economic trading conditions which saw significantly fewer people travelling domestically and a lack of growth in the retail sector.
The airline said in a statement that while passenger revenue declined by five per cent, cargo revenues showed encouraging growth and were up by 19 per cent from the corresponding period in 2018.
“Activity in the ad hoc charter market also pushed total charter revenue up by 11 per cent,” the company said.
Despite a reduction in the total revenue of the airline, it stated that efficiency and control of costs would have seen the airline achieve a highly positive EBITDA (earnings before interest, tax, deduction, amortisation).
It would have also had an increased operating profit which would have been a 151 per cent improvement from the operating result from June last year had accounting standards remained as the year before.