Thursday 30th May 2024
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Island Aviation

Island Aviation Loses MVR 124.9 Million In First Half Of 2021

Island Aviation, the operator of the national airline Maldivian, has incurred a loss of MVR 99.6 million.
As per a quarterly report, issued by the Privatisation Board, on companies in which the government owns shares: Island Aviation had incurred a MVR 99.6 million loss in the second quarter of this year. The company had lost MVR 25.3 in the year’s first quarter. All which adds to a cumulative loss of MVR 124.9 million.
The Board had said that Island Aviation had incurred such a loss as its income had declined, and because its operational costs had increased. Island Aviation’s revenue in the second quarter had dropped by 28%, and its costs had risen by 23%.
Operational costs of Island Aviation in the second quarter had amounted to MVR 117.7 million; with MVR 117.6 million for administrative costs, and MVR 100,000 for marketing. 66% of the administrative costs had gone towards salaries and benefits.
The Board had recommended several measures for Island Aviation to improve its financial state; finding new ways of increasing revenue and managing its costs better.