PNG Air (CG, Port Moresby) is targeting a return to profitability by 2028, supported by a restructuring plan that focuses on rebuilding its domestic scheduled network while growing charter flying for the resource sector, according to its 2025 annual report, the first published on time after six years of delayed filings.

Charter revenues of PGK164.9 million kina (USD37.8 million) outpaced passenger revenues of PGK159.5 million (USD36.6 million) in 2025, which underlines the airline's deliberate positioning around more predictable, contract-based income from the resources sector. It has also recovered its scheduled network to cover 22 airports domestically.

Majority shareholder Mineral Resources Development Company (MRDC), a state-owned trustee corporation, is becoming increasingly involved in the airline. It recently facilitated fleet acquisitions and provided financial guarantees to lessor DAE Capital and lender Bank South Pacific.

As previously reported by ch-aviation, PNG Air took delivery of ATR42-600s P2-ATT (msn 1804), the first of three aircraft on direct order from ATR - Avions de Transport Régional, and P2-ATU (msn 1216), a leased one. Financing for the aircraft will be assumed by an MRDC subsidiary upon delivery, after which the aircraft will be leased long-term to PNG Air for fly-in, fly-out charters.

PNG Air plans to add six ATR42-600s, comprising the three aircraft on direct order from ATR and another three from a leasing company. Deliveries are scheduled through September 2026.

Meanwhile, all nine DHC-8-100s have been classified as held for sale, with the board targeting completion of the disposal by the first half of 2026. Three Dash 8s are still active, per ch-aviation data.

The airline presently operates nine ATR72-600s, one ATR72-600C, and the two ATR42-600s.

Net losses halved to PGK9.9 million (USD2.3 million) from PGK20.3 million (USD4.7 million) in 2024, while PNG Air completed a PGK29.8 million (USD6.8 million) capital raising in December 2025 to strengthen its balance sheet.

The 2025 annual report, approved on March 31, 2026, brings the airline's financial disclosures fully up to date after the Papua New Guinea Exchange suspended trading in its shares in January 2019 over late reporting; the suspension remains in place.