Papua New Guinean finance company Credit Corporation, the target of recent buyout interest from BSP, has posted increased profits of K106.11 million in the financial year ending 31 December 2012.
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The latest business news from Papua New Guinea and the region
The codeshare arrangement between Airlines PNG and Virgin Australia should be allowed to continue, according to a draft decision released yesterday by the Papua New Guinea Independent Consumer and Competition Commission (ICCC).
Oil and gas exploration and production company, Oil Search, has reported a US$175.8 m profit in its preliminary annual results, a 13% fall on last year, which the company attributes to high exploration expenses.
New Britain Palm Oil Limited reported a 70.4% gross profit decrease to US$81.6m in 2012.
PNG’s first privately-built hydro electricity power station has opened in Bulolo, Morobe Province.
Electronic submission of tax returns and assessments, and a simpler Papua New Guinea tax system are just two of the measures to be delivered under the Internal Revenue Commission’s (IRC) new 2013 to 2017 corporate plan, launched last month.
The Papua New Guinea branch of global consulting firm Deloitte Touche Tohmatsu is opening a branch in the Solomon Islands capital, Honiara.
‘There is no more state-owned land left in Lae city,’ Morobe Province Administrator Kemasang Tomala told a World Vision meeting in Lae last week, according to The National.
The Papua New Guinea Government has revived the National Petroleum Company of PNG (NPCP).
The long-awaited project to expand Lae’s port is ‘ahead of schedule’, according to the Asian Development Bank’s Vice President (Operations 2) Stephen Groff, who visited Papua New Guinea last week to inspect progress.