Island Aviation suffers MVR 2.28mn loss
IAS incurred a loss of MVR 2.28 million in 2024 with a revenue of MVR 2.27 billion
Welcoming 5th ATR to Maldivian fleet
The Auditor General's Office has revealed that Island Aviation Services Limited (IAS) incurred a loss of MVR 2.28 million in 2024.
IAS, which operates the national airline of Maldives, earned a revenue of MVR 2.27 billion in 2024.
The audit report also notes that the company's largest revenue came from domestic flights. In this regard, MVR 1.3 billion was earned as revenue from passengers revenue from passengers in 2024. However, this is a decrease of MVR 4.6 million compared to the previous year.
The financial statement in the audit report shows that IAS's revenue in 2024 has also decreased by MVR 44 million compared to the previous year.
While the company's profit and revenue have decreased, employee expenses in 2024 have increased by MVR 34.7 million compared to 2023.
The report highlights that various government agencies owe IAS more than MVR 229.4 million. At the end of last year, Aasandha owed MVR 99.2 million, Regional Airports owed MVR 14.7 million, Fenaka owed MVR 11 million, and Public Service Media owed MVR 3.5 million.
According to the report signed by Auditor General Hussain Niyazy, the company also suffered a significant loss in 2023. That year, the company incurred a loss of MVR 71.4 million.
Island Aviation Services Limited was established on 13 April 2000, by a presidential decree.
The company mainly generates revenue from passenger and cargo transportation, excess baggage fees, airport terminal services, engineering services, air charter, and related activities.
