5th Feb 2019 09:21
LONDON (Alliance News) - Aviation services firm Gama Aviation PLC saw its share price fall sharply Tuesday after it repaid USD7.8 million to its US associate firm following two overpayments.
Shares in Gama were 19% lower at 71.00 pence on Tuesday.
Gama explained it had received USD2.0 million in December 2017 and USD5.8 million in June 2018 in "error" from associate Gama Aviation LLC.
These erroneous payments were both reported in the cash and trade creditors within its reports for the 2017 annual and 2018 half year results.
In 2017, Gama recorded pretax profit of USD16.1 million on revenue of USD207.4 million. In late January, Gama announced its 2018 annual results are due for release on March 18.
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