AIRLINES PNG REVENUES UP, EXPECTATIONS NOT MET

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Entire airlines industry is suffering

PORT MORESBY, Papua New Guinea (The National, March 24, 2009) – Airlines (PNG) Ltd has posted K143.94 million [US$51.3 million] in operating revenue, up 13 percent, from the previous year’s take of K133.53 million.

The airline said it had failed to achieve its budget projections due to operational factors affecting the airline and the whole industry.

It said while the company forecast remained a challenge in light of the global economic crisis, it felt that it had relatively little exposure to international markets and believed the fundamentals of its two main domestic PNG businesses should remain robust throughout this year.

The K143.944 million operating revenue was realised from the total revenue of K155.892 million [US$55.5 million] from its operations for the year ending Dec 31, 2008.

In a report to the Port Moresby Stock Exchange (POMSox), the board of directors disclosed the factors affecting its budgeted projections:

The National: www.thenational.com.pg/

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