Dar es Salaam, April 1 -- DAR ES SALAAM: PRECISION Airs financial distress worsened in 2023, with the Tanzanian airline reporting a net loss of 57.4bn/-, a stark contrast to the previous years profit, according to filings.

The losses, driven by a dramatic rise in administrative expenses and crippling foreign exchange losses have further worsened the companys already fragile financial position.

Despite a revenue increase to 134.7bn/-, up from 117.7bn/- the previous year, Precision Airs bottom line was hit hard by a nearly sevenfold rise in administrative expenses, which soared to 16bn/-.

This surge, combined with a 35.6bn/- net exchange loss from US dollar-denominated debt and supplier balances, wiped out the gains from operational impr...