Chairman of AVL Board of Directors Bakoa Kaltongga has confirmed that AVL will pay a dividend to the Government this year 2018 for positive results on the draft 30 September 2017 Audited Accounts, which will soon be finalized by AVL Auditors.
These results have shown progressive improvement made by the Current Management and the Board of Directors in driving AVL forward with new revenue initiatives and cost cutting measures compared to years 2015 and 2016.
The results may also reflect on the consistency of the Board of Directors with compliments of each director’s capacity in the Aviation Industry, Tourism Industry, Business and Government Sectors.
For this financial year which ends 30 September 2018, Management results as per the first six months (Oct14-Mar18) AVL has made a profit of Vt20 million. AVL has also issued a cheque of Vt6 million for 2018 annual repayment to the Government of Vanuatu for loan advance for Pekoa Airport made on 7 April 2006. The term of the loan repayment is for 18 years and will end in 2031. AVL’s main revenue stream is aeronautical fees, which is the landing fees paid by aircrafts that land at Bauerfield and the country’s other airports, followed by non-aeronautical fees, which is rental of space in the terminal building and advertising opportunities at the airport terminal by companies.
Kaltongga confirmed again, that AVL is still exploring new avenues to strengthen the company’s performance both financial and efficient administering of its services.
The AVL Chairman thanks management and staff for their efforts in the profitability of the company.