http://www.theeastafrica...6/-/pg3is2/-/index.html
Things are rough!
Auditors have raised
fresh doubts over the future of Tanzania’s largest commercial airline, Precision Air, given its surging losses and liabilities while the government dithers on approving a bailout plan.
An audit report paints a gloomy picture of the loss-making firm, saying its
liabilities had exceeded its assets by Tsh83.14 billion ($53 million).
It has also
for several years not remitted its statutory deductions and indirect taxes to the government amounting to Tsh19 billion ($12 million) as of March 2013, says the report prepared by the airline’s auditors, Ernst & Young, and tabled at the annual general meeting on November 20.
If PW goes down then KQ will have to take the loss or writedown in 2H 2013-14
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett