The Nigerian Aviation Handling Company Plc (nahco aviance) has reported a third-quarter revenue drop of N5.1billion, down N7.38billion recorded in the prior quarter of 2019. Subsequently, the ground handling company posted a Profit Before Tax of a paltry N76million compared to the N973.1 million it recorded in the third quarter of 2019.
Profit After Tax for the nine-month period ended September 30, 2020 was N66 million far lower than N782million recorded in the same period last year.
The Olatokunbo Fagbemi – led management and ex-staffers of the ground handling company are at loggerheads over unpaid severance gratuities, following its privatization in 2005.
Whereas the management claimed it had disbursed over N1.13 billion as ex-workers’ entitlements since 2008, the workers maintained they were yet to be paid 15 years on.
They have challenged the management to open its books for scrutiny to show how the N1.13 billion was disbursed.
It was gathered that there were gross disparities in the new remittances made to the workers by the Pension Transitional Arrangement Directorate (PTAD), which handles their pensions.