PNG AIR financial results
 

Stunning turn around at poxie air !!!

Just kidding,they are really digging their way to China with latest financial results.

For last half year financial results (dec 2016) their operating profit is down 659% or 71.6 million kina..sheesh and I would hazard a guess that if not for Simon and his mates running Air Niugini ..well running it into the ground would be a more apt description, the results would have been much much worse.

Here is the link to the Port Moresby stock exchange.

http://www.pomsox.com.pg/category/co...ments/png-air/

faheel I think you will find PNG Air is not Poxie, it is the rebirth of Airlines of PNG aka APNG.

http://www.pomsox.com.pg/wp-content/...11July2016.pdf

nah mate I christened apng/png air poxie to differentiate it from pixie /air nogat;)

But in financial terms they are both poxie anyway

i would guess that figure is result of purchasing a fleet of new aircraft. Nevertheless it is not very flash and I'm glad I don't have any shares there.

Poxie (sorry Faheel, that name has already been well and truly attached to Air Niugini) isn't listed and as they are not required to publish financial reports, nobody knows how much they lost.

When it is convenient they claim they made report huge profits, but when it is not they claim to be on the verge of bankruptcy. All bulk****. Air Niugini is just a huge money laundering facility for the PNG political elite.

Only aircraft depreciation is included in the Profit & Loss Statement, not total aircraft capital cost, besides, all aircraft appear to be leased so only lease payments would be included. Airlines normally re-fleet with more efficient aircraft or less maintenance intensive aircraft to improve profitability.

PNG Air half yearly results a loss of NGK13.9 mill on NGK120.8 mill (11.5%). Last share sale was NGK0.07 (7 Toea) per share. Net Assets/Shareholders Equity only NGK1.7 mill??

They urgently need Mr Joyce from Qantas! :E

Yeah and the NTA per share is just 1 toa , that's if you could find anyone stupid enuff to buy their shares anyway.

What is NTA? I can't see it listed on the POM Stock Exchange?

Net Tangible Asset?

NTA is basically the shares issued divided what the company is worth
303,000,000 million share issued ie just over 3 million Kina.
Considering the original shares were issued at 1 kina each(from memory) the original shareholders have been wiped out.

A tranche of shares were I believe issued to nas fund in return for a capital injection and probably to some other parties as well, but I cannot be bothered looking into that,suffice to say that I know of people that did invest at a kina a share and have lost all their money.

Never invest in airline stock, if you want to gamble then that is a different thing altogether, more chance at winning at 2 up I would reckon.:=

NAT, misunderstood you.

If Net Assets/Shareholders Equity is now only NGK1.7 mill and losses exceed NGK2 mill per month ("PNG Air half yearly results a loss of NGK13.9 mill") is the company now solvent?

Depends on the definition of insolvent up there. A common definition for public companies is the inability to pay invoices as and when they fall due. By that measure, Poxie has surely been insolvent for ages but being government owned in a country with a malleable legal system who knows?

If you can source other funds or someone guarantees the liabilities you are not insolvent..