PNG Air hoping to resume trading on stock exchange after audit

By SHIRLEY MAULUDU
PNG Air says it will soon resume trading on the PNG National Stock Exchange (PNGX) as the airline company submits its 2018 audited results to PNGX next week.
Chief executive Anthony Pereira told The National that the company had submitted its 2017 report this week to PNGX.
“2017 audited accounts were signed off today (Tuesday) and a copy was handed over to PNGX Markets while 2018 is expected to be signed-off by next week Monday,” Pereira said.
“Once we submit 2018 next week to PNGX Markets, we expect to have the suspension lifted,” he said.
In an interview with The National in June, Pereira said the airline’s financial reports were audited for 2017-2019 following engagement of an independent chartered accounting firm in Australia to review and submit their views on major erroneous accounting entries that were detected and done between 2017 and 2019 that showed losses rather than profits.
He said this had kept auditors from signing off the accounts and the subsequent suspension of PNG Air from PNGX.
“These have now been rectified following advice from the independent chartered accounting firm and forwarded to our auditors in PNG to finalise the audit.”
“We have communicated with PNGX and have informed them that the accounting errors have been fixed and forwarded to our auditors who are now conducting the audit.
“Once this is done and the audited financial reports for 2017, 2018 and 2019 are finalised and signed off, they will be submitted to PNGX.
“PNG Air’s suspension at PNGX will then be immediately lifted.”