PIA faces over Rs42.7 bn loss in nine months

KARACHI: The national flag carrier, Pakistan International Airlines (PIA), has declared a loss of Rs42.72 billion during the first nine months (January-September) of 2021 in its financial statement.
The losses of the national flag carrier were over Rs40 billion in the same period of the last year. The board of directors of PIA in its meeting on October 27, 2021, approved the financial results for the period ended September 30, 2021.
The board has not approved any cash dividend, bonus shares, or right shares for the period. The revenue of the airline significantly declined to Rs49.36 billion during January-September 2021 as compared with Rs74.36 billion in the same period of the last year.
On account of aircraft fuel, the airline has spent Rs13.44 billion during the period under review as compared with Rs18.08 billion in the corresponding period of the last year. Administrative expenses of PIA reduced to Rs3.97 billion during the first nine months of the current year as compared with Rs4.53 billion in the same period of the last year. The exchange losses of the company were at Rs5.18 billion for the period under review as compared with Rs7.57 billion. – TLTP