In the first quarter of 2022, Island Aviation Services (IAS) generated a revenue of 436 million with a net loss of MVR 29.8 million.
IAS’s revenue increased by 3% compared to the previous quarter with the most contribution received from domestic passenger income.
The MVR 29.8 million net loss is a higher net loss in comparison to the previous two quarters.
The total debts of IAS are currently at MVR 529.6 million while total equity stands at MVR 1,137 million.
IAS is currently in the process of a major fleet change as the airline is currently underway to change its De Havilland Dash-8 Aircraft to ATR 42/72 Series Aircraft.
The first 3 ATR orders are expected to be delivered towards the end of this year while the airline is planning to add 3 more orders for 2023.
The carrier is also seeking to lease an Airbus A321LR to replace its existing A321 which would leave the fleet following the end of the lease agreement.