Med-View Airline grows half-year profit to N857m

By Newestgist

August 10, 2017

Med-View Airline Plc has reported a growth of 27 per cent in profit after tax (PAT) to N857 million for the half year ended June 30, 2017, compared with N672 million in the corresponding period of 2016.

The results of the only airline listed on the Nigerian Stock Exchange (NSE), indicated that gross revenue grew by 48 per cent from N8.7 billion to N13.007 billion in 2017.

Operating cost shot up from N7.748 billion to N9.982 billion, propelled by rise in aviation fuel cost and cost of lease of aircraft for local operations.

For instance the airline spent N1.257 billion on lease of aircraft in H1, compared with nothing in the corresponding period of 2016.

Similarly, N4.506 billion was spent on aviation fuel, showing an increase of 60.2 per cent above the N2.811 billion recorded in 2016.

The amount spent on aviation alone accounted for 45 per cent of the total operating cost in 2017, compared with 37 per cent in 2016.

Administrative expenses increased marginally from N1.914 billion to N1.978 billion, while finance cost jumped to N171 million, from N55 million in 2016.

The rise stemmed from a growth in interest charges on overdraft that soared from N21.3 million in 2016 to N114.636 million in 2017.

Med-view Airline therefore ended the H1 with a profit before tax (PBT) of N945 million, from N739 million and a PAT of N857 million as against N672 million.

Comments

The Election Result They Want In Osun

The Election Result They Want In Osun I f the People’s Democratic Party (PDP) had its way, its candidate in Saturday’s governorship election in Osun State, Ademola Adeleke, would have been declared governor that day. The party is so upset with the decision of the Independent National Electoral Commission (INEC) to declare the election inconclusive, that it has threatened dire consequences should the result go the other way. Adeleke scored 254,698 votes, giving him 353 votes more than his main rival and candidate of the All Progressives Party, Gboyega Oyetola. But 3,498 potentially consequential votes were unaccounted for. Yet there are those who insist that by simple majority, Adeleke should have been declared winner. Why is INEC wasting time? As the parties return to the seven polling units in the four local councils that will finally decide the election, it appears that it is not only PDP that wants Adeleke declared winner, anyhow. In the run-up to the electi...

8 Steps to Prepare Adequately for 2018 JAMB UTME (Updated)

8 Steps to Prepare Adequately for 2018 JAMB UTME (Updated) The Joint Admissions and Matriculation Board (JAMB) Examinations for candidates seeking admission into the university have since posed serious challenges to students. JAMB has gradually become the most feared name in the education sector of Nigeria and preparing for the examination is something that demands a lot of time, commitment, discipline, and hard work. The Joint Admissions and Matriculation Board (JAMB) Examinations for candidates seeking admission into the university have since posed serious challenges to students. JAMB has gradually become the most feared name in the education sector of Nigeria and preparing for the examination is something that demands a lot of time, commitment, discipline, and hard work. I have never seen anyone perform outstandingly in JAMB or in any other thing worthwhile without putting together these three things apart from those that engage in ex...

Trump Says Military Is ‘Locked and Loaded’ and North Korea Will ‘Regret’ Threats Leer en español

Trump Says Military Is ‘Locked and Loaded’ and North Korea Will ‘Regret’ Threats Leer en español 1562 A-10 planes lined up for takeoff on Thursday from the United States Osan Air Base in Pyeongtaek, South Korea. YONHAP / REUTERS AUGUST 11, 2017 BRIDGEWATER, N.J. — President Trump issued yet more provocative warnings of military action against North Korea on Friday as he continued to suggest that he was ready to strike the small, isolated Asian country that has been developing nuclear weapons capable of reaching the United States. Even as he kept up the drumbeat against Pyongyang, Mr. Trump suggested that he was also contemplating the use of armed force closer to home, in Venezuela, where the government has moved to close down the opposition parliament after a fraud-plagued referendum while the country spirals deeper into poverty and dysfunction. Asked about the crisis there, Mr. Trump volunteered the possib...

Newestgist

Search This Blog