Biman finally makes profit
Ending three years in a row in the reds and decades of mismanagement, Biman Bangladesh Airlines Ltd achieved a net profit of Tk 5.91 crore in the 2007-2008 fiscal year.
Biman insiders said this is something to cheer about in the problem-riddled national flag carrier especially when it is struggling to maintain flight schedules with its seven age-old aircraft.
Several Biman officials said Biman could have gained more profit had it two to three additional planes in its fleet.
"Biman needs some two or three more aircraft on emergency basis as the existing Biman fleet can hardly maintain flight schedules, giving opportunities to its competitors to capture its market share," said Abdul Mamdud Khan, a Biman high official.
Biman made huge losses over the last few years due to its inefficient management, poor marketing and a nexus between a section of Biman officials and a group of corrupt people, Biman insiders said.
Interference of successive political governments is also to blame for the sorry state of Biman, they observed.
"Biman achieved a net profit of Tk 5.91 crore between July 2007 and June 2008 and signs are positive in the current fiscal year," a Biman high official told The Daily Star.
Biman officials revealed the information on Biman making a profit at its first annual general meeting held Saturday.
Chairman of the Board of Directors of Biman Bangladesh Airlines Ltd Air Marshal (retd) Jamal Uddin Ahmed presided over the annual general meeting.
"Biman incurred a loss of Tk 272.19 crore in 2006-07 fiscal year. It also incurred huge losses in 2005-06 and 2004-05," said a finance official of Biman.
Biman officials said it last made a profit, Tk 34 crore, in 2003-04 fiscal year.
In July 2007, Biman was transformed into a public limited company. About 1,856 employees and officials of the overstaffed Biman went into retirement under the voluntary retirement scheme of the last caretaker government.