Restrictions affect revenue

THE 2020 financial year has been challenging for the certified practicing accountants (CPA) of PNG marking a 10 per cent decline in revenue.
It announced in its 2019 and 2020 annual general meeting yesterday that the Covid-19 restrictions affected its normal business and planned activities.
Highlights demonstrating its financial performance from last year and this year shows:
lTotal revenue gain of K4,559,360 this year compared to K4,813,982 last year;
lProfit (loss) of K48,324 this year compared to K366,892 last year;
lTotal assets of K14,715,422 this year compared to K13,130,300; and,
lTotal member’s equity of K13,254,685 this year compared to K11,041,943 last year.
President Richard Kuna said CPA PNG had to change its mode of doing business into the future and managed to finish the year with minimal disruptions.
“We still continue to face difficulties and it’s been a challenging year for CPA PNG,” Kuna said.
“Our overall results has been terrible in the sense that we had a drop in our final results, when you look at it, we still been able to come better with a profit of close to K50,000.”