Ports society posts net profit of K279,900

PNG Ports Corporation Limited Staff Savings and Loans Society has posted a net operating profit of K279,926 for 2017, up by 100 per cent from the 2016 performance.
“This good result is due to the increased revenue generated from the realisation of a full year rental on its property, combined with a reduction in expenses of roughly 40 per cent compared to 2016,” chairwoman Beverly Nelson said.
“Based on this the society was able to transfer K69,981 to its general reserve which, again, is in excess of over 100 per cent in comparison to the 2016 financial year.
“We are also seeing a gradual increase in membership of 6 per cent, bringing the total membership to 533 in 2017 from 502 members in 2016.”
The society’s annual report highlighted that revenue increased to K544,517 last year, up from K373,039 in 2016.
Administration fees from cessations and savings withdrawals also fell in 2017, demonstrating confidence in the board and its savings and loans team, the society said in a statement.
Total assets of the society increased by 9 per cent to K6,588,163 last year compared to 2016.