Guinea Airways
p. 57 · Read in the full issue
Annual Profit Maintained
AFTER allowing for increased taxa tion, Guinea Airways Ltd, earned a profit of £16,198 in the year ended February 28, compared with £16,755 in the previous year, and £16,265 in 1939.
Ordinary and preference dividends are unchanged at 7 per cent., absorbing £11,200, the same as last year.
An analysis of the figures shows the following interesting development:—
As the New Guinea profit shrank —the inevitable result of competition, plus the change-over from developmental activity to established quietness in the NG gold industry, pluis war conditions —the profit from the new Australian business grew.
Thus was proved the wisdom of the direc tors, who recognised in 1937 that the “easy money” days were coming to an end in Morobe, and decided to bring their surplus plant from New Guinea to Australia, and there enter the expand ing air transport business. They estab lished the Adelaide-Darwin service, just before war broke out; and, under war conditions, that service became very valuable.
Here is another interesting table:—
Three more aircraft were purchased overseas during the year at a total cost of about £82,000. The two Lockheed 14’s have greatly assisted in the development of the Adelaide-Darwin route, making it possible to expand local services in South Australia by the use of the Lockheed 10’s.
New Guinea Australian Year.
Profit.
Profit. £ £ 1936 .. . 25,876 — 1937 .. . . . . 13,887 — 1938 .. . . . 10,895 — 1939 . . . . . .. 17,020 755 1940 .. , . . 14,899 1,856 1941 . . . . 4,425 11,775
Passengers Carried: New Guinea.
Australia. 1937 11,869 1938 12,120 1,918 1939 11,626 2,332 1940 11,481 5,938 1941 10,740 13,392 Freight Carried—Tons.
Australia. New Rate per lb.
Guinea. (NG). 1937 6,705 2.49d. 1938 18 8,408 1.94d. 1939 117 8,804 2.07d. 1940 135 8,374 1.97d. 1941 125 7,123 1. S4d.