PIA records losses of Rs40 billion in nine months

The national carrier’s revenue declined by 30%
Nov 06, 2020

PIA has reported a loss of Rs39.85 billion during the first nine month of the 2020 calendar year.

Last year, the airline reported a loss of Rs42 billion.

PIA's revenue from January to September this year declined by 30% to Rs74.36 billion. It reported Rs107.34 billion during the same period last year.

PIA spent Rs74.43 billion on services, more than its revenue. Last year, it was Rs102.62 billion.

Administrative expenditure stood at Rs4.52 billion, slightly less than last year’s Rs4.99 billion. But PIA's operational losses increased to Rs8.7 billion in nine months, almost double last year’s Rs4.85 billion.

The company also made losses of Rs7.57 billion during the period due to the depreciation of the rupee. During the same period last financial year, PIA lost Rs11.6 billion due to the devaluation of the rupee.

The report was submitted to the Pakistan Stock Exchange.


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