Airlines PNG racks up K23m loss

Airlines of Papua New Guinea (APNG) has reported a net loss of K23.65 million after adjusting for an income tax expense of K0.53 million.

The company also recorded a K34.30 million loss in 2013 while there was a tax benefit of K16.19 million in the same year.

The board of directors when releasing the financial report on Friday said the company’s principal activities are the operation of a charter and scheduled passenger airline throughout PNG.

The group also owns 100% interest in Galatoire Investment property, PNG Ground Services, for the supply of aircraft fuel and APNG Services Pty Ltd for supply of international aircrew.

Pacrim Leasing Ltd which had been set up for aircraft leasing was de-registered during the year.

There was also no significant change in the principal activities or state of affairs of the company in 2014.

As a result of the loss, no directors of the group have received or become entitled to receive a benefit by reason of a contract made by the group or a related corporation with the director or with a firm of which he is a member or with a company in which he has a substantial financial interest.

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