AIR NIUGINI RECORDS PROFIT OF $1.53 MILLION

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PORT MORESBY, Papua New Guinea (December 7, 1997 - PACNEWS)--- Papua New Guinea's national flag carrier, Air Niugini, has recorded a profit of $1.53 million for the fiscal year that ended September 30.

Outgoing Managing Director Moses Maladina says profit was made despite critical problems that continued to interrupt service.

Problems which adversely affected the airline's revenue, reported Maladina, were the Sandline mercenary affair, closure of the Ok Tedi and Porgera mines, reduced passenger and business travel as a result of the ongoing drought, the weakening value of the kina, and high operating costs.

Maladina says despite these factors, Air Niugini managed a remarkable fiscal turn around.

For fiscal year 1995, Air Niugini recorded a massive $11.7 million loss.

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