PIA bears losses of Rs40 billion in nine months
KARACHI: The Pakistan International Airline has submitted a report to the Pakistan Stock Exchange (PSX) in which it revealed that it bore a loss of Rs39.85 billion during the first nine months of the following year.
In 2020, the airline had faced a loss of Rs42 billion. The national flag carrier’s revenue from January to September 2020 slumped by 30 percent to Rs74.36 billion. It reported Rs107.34 billion earning during the same period a year ago.
The airline spent Rs74.43 billion on services, which is more than its revenue. Last year, the expenditure on services was Rs102.62 billion.
The expenditures on administrative affairs were Rs4.52 billion, slightly less than last year’s Rs4.99 billion. However, the company’s operational losses rose to Rs8.7 billion in nine months, almost double than previous year’s Rs4.85 billion.
The PIA bore losses worth Rs7.57 billion during this period only because of the devaluing of the rupee.