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Medview Airline grows earnings despite Abuja airport closure
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Medview Airline said gross revenue rose 77 percent to N7.61 billion in the first quarter of 2017.
Medview Airline has reported that its 2017 first quarter earnings rose significantly notwithstanding the recent closure of the Nnamdi Azikiwe International Airport, Abuja, for runway repair work.
For six weeks starting from March 8th to April 19th, the Federal Ministry of Transportation closed the Abuja airport to allow maintenance work to commence on the porthole-riddled runaway. The closure disrupted normal scheduled flights to the airport, which is the second busiest airport in Nigeria after the Murtala Muhammed International Airport in Lagos.
Medview Airline said gross revenue rose 77 percent to N7.61 billion in the first quarter of 2017 compared to N4.29 billion in a similar quarter last year. Given the strong top-line growth, the airline said after-tax profit stood at N691.03 million as against an after-tax loss of N200.38 million a year earlier. The profit growth was moderated by a 57 percent rise in operating costs arising from aviation fuel and aircraft leasing operations.
Founded in 2007 as a charter airline for Hajj operations, Medview Airline operates flight services to eight domestic destinations and five international destinations, including London via the Gatwick Airport. The airline has airlifted over three million passengers since inception and has five aircrafts in its fleet.
The Nigerian carrier said it has been granted approval to fly to 14 international destinations –including Singapore, Dubai, Johannesburg, Tel-Aviv, and Lisbon – with flight operations to the routes expected to commence soon.
Medview Airline’s stock was flat at N1.5 per share at the Lagos bourse on Tuesday.
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