Medview Airlines has reported that its operating expenses rose by a whopping 57.9% in the first quarter of 2017. The only airline listed on the Nigerian Stock Exchange saw its operating expenses rise to N6 billion in the first quarter of 2017 compared to N3. 8billion in the corresponding period last year.
The company blamed rising cost on aviation fuel -ATK, which cost the airline N2.64 billion in three months, 94.12 per cent higher than N1.36 billion spent last year Q’1.
Here are other highlights of the results
- Aircraft lease for local operation cost N1.8 billion compared with N494.46 million in the comparative period of last year.
- Gross revenue grew 78% to N7.6 billion in the first quarter compared to as N4.29 billion reported in 2016.
- The company however reported a profit after tax of N691.03 million compared to a loss after tax of N200m reported a year earlier.