Med-View Airlines spends N4.51bn on aviation fuel in six months

From BAYO AZEEZ, LAGOS – Nigeria’s indigenous airline company, Med-view Airline Plc, has disclosed that it spent N4.51 billion in the first six months of this year to purchase aviation fuel -ATK.

This, as contained in the company’s unaudited half year management account, is 60.5 per cent higher than N2.81 billion it expended on the same commodity in the same period of 2016.

The company has also spent extra N2.3 billion on its operating cost for the period under review.

Its aggregate operating cost soared by 29.93 per cent from N7.682 billion in Q2 of 2016 to N9.981 billion.

The breakdown of the showed that it spent N1.26 billion on aircraft lease for local operations; N235.31 million on aircraft maintenance lower than N417.62 million spent in the first half of 2016 and N425.8 million was spent on handling charges, lower than N474.6 million spent for the same purpose in the previous year.

Other areas in which the company had to spend money in the cause of its operations during the period are catering which gulped N482 million; statutory charges, costing N2.108 billion, weighing charges of N577.84 million; hotel accommodation on which the company disbursed N204.34 million and government royalty agency, gulping N82.4 billion.

Meanwhile, Med-View succeeded in growing its gross revenue between January and June this year by 48.68 per cent to N13.01 billion from N8.75 billion recorded in the same period of 2016.

Consequent of the rise in gross profit which appreciated to N3.03 billion for initial position of N1.07 billion, profit before tax (PBT) and profit after tax (PAT) follows the positive trend to stand at N945.35 million and N857.35 million respectively.


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