Airlines PNG profit up in 2011

Airlines of Papua New Guinea (Airlines PNG) reported (17-May-2012) the following financial highlights for 12 months ended 31-Dec-2011:

• Operating revenue: PGK261 million (USD114.7 million), +24% year-on-year;
  • Charter: PGK142 million (USD62.4 million), +21%;
  • Regular passenger transport: PGK97 million (USD42.6 million), +18%;
  • Freight: PGK13 million (USD5.7 million), +25%;
• Direct costs and overheads: PGK262 million (USD115.2 million), +19.2%;
• EBITDAR: PGK56.3 million (USD24.7 million), +26%;
• Profit before tax: PGK3.9 million (USD1.7 million), +56%. [more - original PR - Chairman] [more - original PR - Financial]

*Based on the average conversion rate at USD1 = PGK2.275 for the period

Airlines PNG: "The directors believe that Airlines PNG remains well poised to deliver a profitable result for the coming year with its ability to attract and maintain long term charter contracts whilst continuing to develop its international and domestic RPT operations." Source: Company statement, 14-May-2012.