PX posts K100mil profit

Business, Normal

The National, Monday November 4th, 2013


AIR Niugini reported a net profit of K100 million and a gross turnover of K1 billion last financial year, Public Enterprise and State Investments Minister Ben Micah Minister said.

Speaking during the national airline’s 40th anniversary last Friday, Micah said a dividend of K7.6 million had also been declared to the state through the Independent Public Business Corporation (IPBC). 

“The success and growth of our national airline over the past 40 years has to be credited to the collective efforts of so many ministers and successive government, boards and management teams,” Micah said. 

“Thank you for your contributions and I am very sure you are all proud to be associated with Air Niugini’s story and history,” he said. 

Air Niugini chief executive Simon Foo said the huge profit achieved by the company was attributed to the construction phase of LNG project.

“Such financial status achieved by Air Niugini is attributed to the LNG project and other extra business activities associated with the construction phase of the project,” Foo said. 

“There is also a lot more people moving into the country and participating in investment opportunities as a result of the project as well as benefiting from spin-off benefits of the project,” he said. 

Foo said construction material for the LNG construction phase being brought into PNG had also contributed to such huge financial result achieved by Air Niugini. 

On Nov 1, 1973 Air Niugini’s Fokker Friendship flight PX100 was launched by late Bruce Jephcott, then minister for transport and chief minister Michael Somare. 

Today, the airline has a fleet of three B767s, three B737s, seven Fokker 100s, and 15 Dash 8s – and more than 2,000 employees of highly qualified pilots, engineers, cabin crews, ticketing officers, administrative personnel and other specialists.