PIA declares 17% loss for six-month period

KARACHI: Pakistan International Airlines (PIA) has announced 17 percent loss for six months period ended June 30, 2019.

According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the national flag carrier recorded losses of Rs37.89 billion for the six months period ended June 30, 2019 as compared with Rs32.411 billion in the corresponding period of the last year.

Operation losses of the company fell by 60 percent for the period to Rs7.12 billion as compared with the operation losses of Rs17.53 billion for the six months period ended June 30, 2018.

The company absorbed losses of Rs14.59 billion due to depreciation in rupee value during the six months period ended June 30, 2019 as compared with Rs5.83 billion in the corresponding period of the last fiscal year.

The financial costs of the airline increased to Rs15.85 billion during the period under review as compared with Rs8.8 billion in the same period of the last year.

The administrative expenses of the company were flat at Rs3.49 billion for the six months period ended June 30, 2019 as compared with Rs3.25 billion in the same period of the last fiscal year.

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