Directors' Report and Financial Statements 31 March ... - Precision Air
Directors' Report and Financial Statements 31 March ... - Precision Air
Directors' Report and Financial Statements 31 March ... - Precision Air
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DIRECTORS REPORT<br />
FOR THE YEAR ENDED <strong>31</strong> MARCH 2012<br />
1. INTRODUCTION<br />
The Directors present their report <strong>and</strong> the audited consolidated financial statements for the<br />
financial year ended <strong>31</strong> <strong>March</strong> 2012 which disclose the state of affairs of <strong>Precision</strong> <strong>Air</strong> Services<br />
Plc (“the Company”) <strong>and</strong> its subsidiary, <strong>Precision</strong> H<strong>and</strong>ling Limited (together, “the Group”).<br />
The financial statements for the year ended <strong>31</strong> <strong>March</strong> 2012 were authorised for issue by<br />
directors as indicated on the Consolidated Statement of <strong>Financial</strong> Position.<br />
2. INCORPORATION AND REGISTRATION<br />
The Company is incorporated in Tanzania <strong>and</strong> the registration number is 18960. The Subsidiary<br />
was incorporated in financial year 2011 <strong>and</strong> is accorded registration number 70991.<br />
3. GROUP’S VISION<br />
‘’To be the airline of choice’’<br />
4. GROUP’S MISSION<br />
‘’To develop <strong>and</strong> provide superior air transport services that exceeds customer expectations’’.<br />
5. PRINCIPAL ACTIVITIES<br />
The principal activities of the Company are regional <strong>and</strong> domestic carriage of passengers <strong>and</strong><br />
cargo by air.<br />
The Company flies to fourteen (14) destinations within Tanzania <strong>and</strong> East Africa. The Company<br />
established new routes during the year being 5 flights in a week to Johannesburg South Africa<br />
<strong>and</strong> three times in a week to Hahaya Comoros. At year-end, the Company had eleven (11)<br />
aircraft in operation, nine (9) owned <strong>and</strong> two (2) leased (2011: ten (10) aircraft in operation, nine<br />
(9) owned <strong>and</strong> one (1) leased).<br />
The Subsidiary carries out ground h<strong>and</strong>ling services in Dar es Salaam, Kilimanjaro, Mwanza,<br />
Shinyanga <strong>and</strong> Arusha presently serving only the Company.<br />
6. PERFORMANCE FOR THE YEAR<br />
Capacity Offered to Market<br />
Total seats flown in the network during the financial year amounted to 1,200,568 compared to<br />
a prior year level of 894,391 thus a growth of 34% compared to prior year. The Available Seats<br />
per Kilometre (ASK) released to the market amounted to 729 Million against a prior year level<br />
of 496 Million thus a growth of 47% compared to prior year.<br />
DIRECTORS’ REPORT AND FINANCIAL STATEMENTS <strong>31</strong> MARCH 2012<br />
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