PNG Air to release 2017, 2018 financial results next month

PNG Air Ltd says it anticipates having its 2017 and 2018 financial results made available next month.
The airline in a market release yesterday noted that it was working with auditors to finalise the reports.
“PNG Air Ltd informs its shareholders, investors and stakeholders that the company is currently working with the auditor to finalise the 2017, 2018 and 2019 audited financial accounts,” the airline said. “We anticipate that the 2017 and 2018 audited accounts will be made available towards the second half of September 2020. At that time, we will advise the market of the expected date for release of the 2019 audited accounts.”
PNG Air has suspended from the PNG National Stock Exchange (PNGX) for some months now.
In a previous interview with The National, acting chief executive Anthony Pereira said an independent chartered accounting firm in Australia had been engaged review of the audited results.
“Our financial reports are being audited for 2017 to 2019 as we speak following our engagement two months ago 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 and which caused the going concern issue that forbade the auditors from signing off the accounts and the subsequent suspension of PNG Air at PNGX,” Pereira said.
“These have now been rectified following advice from the independent chartered accounting firm and forwarded to our auditors in PNG to finalise the audit.”
Pereira said between 2017 and 2019, the airline made profits which were now part of the audit conducted. “We also need to mention that had we not made profits, we would not have been in a position to have a cumulative amount of K88.8 million that we paid via remittances to our aircraft lessors and ATR (aircraft manufacturers and parts) for deposits to be held for such things as aircraft maintenance reserves, rental deposits, pre-delivery payments for new aircraft and deposits for aircraft spare parts.”