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Old 2nd Dec 2010, 20:16
  #428 (permalink)  
Oba1kanobe
 
Join Date: May 2010
Location: Lagos
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So, in terms we can all understand, pre-tax losses are:

2006 - operated less than 3 months. Presumably big losses, no data.

2007 - $20 million USD loss

2008 - $30 million USD loss

2009 - $26.6 million USD loss

2010 - to be determined.

This, all before taxes, as reported to the US government. I'm going to guess that they don't pay that much in taxes, because whatever they owe, they just wouldn't pay. At least not timely.

All in all, though, far less losses than I would have guessed (which makes me think that the books are cooked, too. Certainly, they didn't want the US government to think they were broke). How much longer they can continue with this performance (that they themselves reported to the US government) is the single big question. It will fail if not turned around. It's just a matter of time.

Of course, the losses don't tell the whole story of the HUGE debt. I doubt they even have an accurate account of what is owed, because much, like the millions of dollars in debt to the country of Niger, or the contract airline Denim, is just written off.
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