PNG Air will file audited books by mid-3Q22 – CEO

PNG Air’s (CG, Port Moresby) audited financial statements for 2019 and 2020 will be released following the airline’s external debt restructuring, which is expected to be completed by the end of August 2022, according to the acting chief executive. Stanley Stevens.

In a market announcement on July 8, 2022, Stevens said “considerable progress has been made in finalizing PNG Air’s financial statements for 2019 and 2020. Unfortunately, the publication of the audited financial statements for these years is further delayed, pending the completion of a restructuring of PNG Air’s external debts, which will significantly improve PNG Air’s financial position and enable PNG Air to move forward with various growth initiatives.

He said PNG Air’s restructuring was “well advanced and enjoying ‘good cooperation from its various creditors’. It will be completed and brought to market.”

“The restructuring was necessitated by reduced aviation revenues associated with the COVID-19 pandemic and the generally depressed state of PNG’s economy,” he explained.

A complication affecting the release of the 2020 financial statements was the need for PNG Air to appoint a new auditor after its current auditor, Deloittes, reached “the end of its maximum audit engagement”.

PNG Air’s current suspension from the national stock exchange PNGX is expected to be lifted once audited financial reports are submitted for 2019 and 2020. PNGX suspended PNG Air’s securities from official listing on January 15, 2019, following the bankruptcy of the airline company. to file its periodic report for the period ending in December 2017. When finalizing the accounts, the auditors were concerned about the reluctance of shareholders to provide financial support or guarantees to the company. The 2018 audited accounts have also been delayed accordingly.

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