2.2 Financial Results 2.3 Working Capital 3.0 Management letter In the year under review, the Corporation recorded a loss of  P42.10 million, a significant decline in performance from prior  year loss of P12.35 million. Income including Government grants  decreased by P78.61 million from P417.37 million in the previous  year to P338.77 million in year under review. The traffic revenue  decreased by 7% (P23.30 million) mainly due to reduction in  passenger numbers by 6%. Operating costs declined by P48.86  million (representing 11.37%) from P429.72 million in the prior year  to P380.86 million in the year under review. Significant reductions in expenditure were mainly due to:  The working capital position of the Corporation as at 31 March  2018 showed total current assets of P219.46 million and total  current liabilities of P114.13 million resulting in a net current assets  position of P105.33 million.  Included in the current assets is P130.16 million for non-current  assets held for sale which are two ATR 42-500 turboprop aircraft  and one ATR 72 -500 turboprop aircraft. The Corporation signed  trade-in agreements on 12 June 2018 to sell the aircrafts classified as assets held for sale as at 31 March 2018 and  purchase two ATR72-600 Aircraft.  The following were some of the matters raised by the auditors  and the management responses thereto:   The 25% (P12.26 million) reduction in cost of fuel as a result of  discontinued Harare, Lusaka and Cape Town routes.   Maintenance of aircrafts went down by 23% (P12.34 million)  mainly because there were C-checks and D-checks in the  previous year.   Staff costs declined by 12% (P16.71 million)   Airport navigation fees declined by 33% (P6.22 million)   Aircraft lease costs decreased by 96% (P24.42 million)  Professional fees declined by 63% (P7.72 million)  97 