The Privatisation and Corporatisation Board (PCB) has revealed that Island Aviation Services Limited (IASL) posted an operating profit of USD2.7 million, marking the first time in the past five years. The statement was made by the PCB in its Quarterly Review report for the first quarter of 2023. The report included the financial status of 30 state-owned companies.
The report said IASL received a revenue of USD36 million, which is an increase of 17% compared to the last quarter of 2022 and a 27% increase from the first quarter of 2022. The main reason for the increase in revenue in the first quarter of this year was the increase in the number of passengers on domestic flights. Revenue from domestic flights increased 16%, while revenue from international flights increased 2%, and seaplane revenue increased 15% compared to the last quarter of last year. IASL also recorded a net profit of USD696,000 during the first quarter of this year.
The state-owned company received a loss of USD3.4 million in the last quarter of 2022 and a USD3.5 million loss in the first quarter of 2022.