in Business & Finance

Uganda Airlines denies debt claims by Auditor General

Posted 23 March 2021 · Add Comment

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.

Other Stories
Advertisement
Latest News

Airbus reports half-year 2021 results

Airbus has reported consolidated financial results for the half-year (H1) ended 30 June 2021.

African airlines’ international cargo demand in June increased 33.5%

The International Air Transport Association (IATA) has released data for global air cargo markets for June showing a 9.9% improvement on pre-COVID-19 performance (June 2019).

African airlines’ traffic fell 68.2% in June

The International Air Transport Association (IATA) announced passenger demand performance for June 2021 showing a very slight improvement in both international and domestic air travel markets. Demand remains significantly below

A book for airlines CEOs and accountable managers is published

A book which addresses all the leadership challenges in a civil aviation company has been written by Dr Mark j Pierotti`s, commercial department director at Abu Dhabi Aviation.

Boeing reports second-quarter revenue of $17.0 billion

The Boeing Company has reported second-quarter revenue of $17.0 billion, driven by higher commercial airplanes and services volume. GAAP earnings per share of $1.00 and core earnings per share (non-GAAP) of $0.40 primarily reflects

Generator for hybrid-electric aero power and propulsion system arrives at Rolls-Royce

The generator that will be at the heart of the most powerful hybrid-electric aero power and propulsion system in aerospace has arrived for installation at Rolls-Royce specialist testbed.

Aviation Africa 2021 SKOC
See us at
Aviation Africa 2021 BTOCDAS21_BTWDS BT1202090322Aviation MENA 2022