Uganda Airlines denies debt claims by Auditor General
Uganda Airlines denies it is in debit as claimed by the country’s Auditor General, saying its revenues have been 10% below budget for the six months it has been flying, despite the impact of the COVID-19 pandemic.
Image: Airbus
In a statement, the Airline said: “Uganda Airlines is fully capitalised by the shareholders and has no debts on its balance sheet. All the aircraft and other assets were paid for by cash from the shareholders. Uganda Airlines, therefore, does not have any loans or interest payments to any financier.”
The airline turned in $27.4 million post-tax loss for its most recent financial year, after falling far short of revenue projections.
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