After submitting its 2018 audit results, PNG Air says that it can continue trading on the PNG National Stock Exchange (PNGX).
According to Chief Executive Anthony Pereira, the company has already passed to PNGX its 2017 report. “2017 audited accounts were signed off today (Tuesday) and a copy was handed over to PNGX Markets while 2018 is expected to be signed-off by next week Monday,” he said. “Once we submit 2018 next week to PNGX Markets, we expect to have the suspension lifted.
Previously, he mentioned that the financial reports for 2017-2019 of the airline were already audited after the engagement of an independent Australian accounting firm to review and submit all major erroneous entries that were done between 2017 to 2019 that depicted losses instead of profits.
This eventually led to the subsequent suspension of PNG Air from PNGX.
“These have now been rectified following advice from the independent chartered accounting firm and forwarded to our auditors in PNG to finalise the audit,” he said. “We have communicated with PNGX and have informed them that the accounting errors have been fixed and forwarded to our auditors who are now conducting the audit. Once this is done and the audited financial reports for 2017, 2018 and 2019 are finalised and signed off, they will be submitted to PNGX. PNG Air’s suspension at PNGX will then be immediately lifted.”
