Business
Cameroon carrier, Camair-Co incurs loss of $42 million
Cameroon’s national airline (Camair-Co) incurred losses of up to US$42 million during its first nine months of operations from March 2011 to December 2011, some US$28 million higher than projected.
According an audit report yet to be made public, the losses were due questionable decisions by management.
“The expenditure on the purchase of three Boeing aircrafts (one Boeing 767-300 and two Boeing 737) was prodigal and the management does not seem to master the wages situation of the company,” the report says.
The report said that 62 percent of the company’s expenditure was on fuel while the rest went on non-priority expenditure.
“Expatriate pilots earned the equivalent of US$11,000 a month while their national (Cameroonian) counterparts earned US$6,000, the report noted.
Only an average of 33 percent of seats were occupied since it started operations in March.
A senior official of Camair-Co declined to comment on the report saying he had not yet seen it.
