Total operating cost of Medview Airlines in the first quarter of 2017 has increased significantly by 57.9 per cent to N6 billion from N3.8 billion it stood the same period last year.

The cost of operation within the period was largely impacted by spending on aviation fuel -ATK which gulped N2.64 billion in three months, 94.12 per cent higher than N1.36 billion spent last year Q’1.

This, according to the Q’1 unaudited financial report of the carrier, is followed by aircraft lease for local operation, costing N1.8 billion compared with N494.46 million in the comparative period of last year.

Other areas of the operating cost are handling charges, statutory charges, hotel accommodation, catering among others.

Meanwhile, Medview’s gross revenue grew 77.86 per cent to hit N7.6 billion in the first quarter as against N4.29 billion recorded in 2016.

Similarly, it posted N691.03 million profit after tax (PAT) to get out of the wood of N200.38 million loss it posted last year.

Among other metrics, the total assets value of the indigenous carrier inched up by 12.18 per cent from N15.43 billion in 2016 to N17.31 billion last quarter.

POSTED BY:OPUOMONI PRIYE

DATE:05/04/2017