The Ghana Airport Company has recorded a 13% drop in revenue over the last one year.
The disclosure was made during the presentation of its financial report for the last one year during the company's fifth annual general meeting held in Accra.
According to the report, the company had recorded a profit GH₵154.0 million over the last one year (June 2016 – 2017) as compared to GH₵177.2 million earned the previous year - representing a drop of 13%.
The report attributed the decline largely to higher expenses during the financial year. Specifically while core revenues grew by 12% during the period, it was countered by an even higher increase in expenses which the report said had grown by 38%.
Addressing the audience of stakeholders - Board Chairman of the Ghana Airport Company, Oboshie Sai Cofie, expressed the determination of the leadership to adopt measures that will be specifically aimed at reducing expenditure as well as increase the general efficiency of the organization. Â
She stated that “Over the period, expenses went higher which affected the profits so our focus is going to be to try and decrease those expenses as much as possible as we push to increase the scope of business of the airport generallyâ€.
Commenting on future prospects for the company and Ghana’s aviation industry in general, the GAC boss said, “We are working hard to expand the business and commercial aspects of the Airport Company nationwideâ€.
She expressed the company’s confidence in government’s policy of bringing a new national airline as well as its effort to transform the Kotoka International Airport (KIA) into a hub in the West African sub-region.
In her own words, “we believe that it will generate a lot of revenues for the countryâ€.
The government has in pursuance of that agenda, embarked on a number of initiatives particularly in improving infrastructures at the KIA and in improving general operations in the aviation industry of the country.
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www.primenewsghana.com/Â Ghana News