The Privatisation and Corporatisation Board (PCB) has revealed that Island Aviation Services Limited (IASL) received revenue of USD28 million in the first quarter of 2022.
PCB has released its Quarterly Review report for the first quarter of the year. The report includes the financial status of 30 state-owned companies.
The report said IASL received revenue of USD28 million which is an increase of 3% compared to the last quarter of 2021 due to increased revenue from domestic flights. The gross profit rose 13% in the first quarter of 2022, compared to the same quarter in 2021, according to the report,
IASL also reported a loss of USD2 million in the first quarter due to increased administrative costs. The state-owned company administrative expenses increased in the first quarter of the year, including restoring employee salaries to pre-COVID-19 levels and increasing the salary for pilots.