From the latest Quarterly Report on the web....
I understand now why they cannot afford to fix a leaky toilet!
In Nigeria, flight activity and operating revenue for the quarter ended September 30, 2004 increased 14.8% and 31.3%, respectively, over the quarter ended September 30, 2003. The increase is primarily due to the addition of two medium aircraft in November 2003 and two large and one medium aircraft in April 2004. These additional aircraft accounted for 882 flight hours and $5.2 million in operating revenue for the three months ended September 30, 2004.
Operating expenses for our International Operations increased in the quarter ended September 30, 2004 to $45.3 million, or 23.9%, from $36.5 million in the quarter ended September 30, 2003. The increase was primarily due to higher salary costs, maintenance costs and lease fees due to increased operations in our international areas. The operating margin in our International Operations increased to 15.1% in the current quarter from 12.8% in the prior year quarter.