Georgian Airline MyWay Ended 2018 with a Loss of 41 million GEL

With Chinese investment, Georgia-based airline MyWay ended 2018 with a loss of -40,875,472. It is reported in the financial statements published by the airline.

Created by Hualing Group, MyWay launched in February 2018, the company owns two Boeing 737-800s with a capacity of 170 passengers. According to the airline's website, there are currently regular flights from Tbilisi to Tel Aviv.

According to MyWay's profit-and-loss statement, the company's revenue from ticket sales amounted to GEL 14,107,744 and its total expenses were several times higher. In addition, the Company incurred GEL 4 million due to GEL depreciation. 

The total value of MyWay's assets is GEL 132,056,108 and full liabilities are GEL 163,833,196. Due to such a difference between liabilities and assets, an independent auditor indicates that there is a risk that the company will not continue to operate as a functioning enterprise.

"We would like to draw your attention to the portion of equity in the financial statements showing that the Company 's liabilities exceeded its assets by 31.77 million GEL for the year ended December 31, 2018.

This event indicates the uncertainty of Mayway Airlines Ltd's ability to continue operating as a functioning enterprise, ”the auditor notes.

According to financial reports, in 2018 MyWay received GEL 8,542,403 from regular flights and GEL 5,565,341 from charter flights. The document says fuel costs are the top spot on the flight, with MyWay spending GEL 8,189,227 in 2018.

The 2019 financial statements will be published by the airline in 2020. On November 1, 2019, it was announced that Igor Aptsiauri, the commercial director of the airline, had left.