KCH to present dividend of K80mil to State

KUMUL Consolidated Holdings (KCH) has declared it will present a dividend of K80 million to the State, according to a statement.
KCH said the results for 2018 saw Air Niugini (ANL), Kumul Telikom Holdings and PNG Power Ltd as the top performing State-owned enterprises in terms of revenue earned.
The results of State-owned enterprises, the shareholding of which are held in the General Business Trust managed by KCH, for the first quarter of 2019 and for the years 2018-2017 saw the national carrier declare K263 million in revenue with a net profit of K2.2 million for the first quarter of this year compared to last year’s first quarter loss of K35.9 million from K242.3 million in revenue.
ANL was impacted by lower than expected yields associated with a reduced operating schedule and increased competition on domestic and international sectors.
This combined with increased costs associated with crewing and international aircraft fleet leases and the losses of two aircraft, made for a challenging year.
Kumul Consolidated Holdings operations continue to suffer mounting costs and poor reliability associated with its ageing infrastructure, with all three enterprises failing to achieve budget expectation.