PIA declares Rs39.85bn loss for nine-month period as revenue declines sharply

KARACHI: Pakistan International Airlines (PIA) has declared net loss of Rs39.85 billion for the nine-month period ended on September 30, 2020, which is mainly attributed to 31 percent decline in total revenue.

According to financial results submitted to Pakistan Stock Exchange, the net losses of the national flag carrier slightly contracted when compared with the net loss of Rs41.98 billion in nine-month period ended September 30, 2019.

The cost of sales of the company fell to Rs74.43 billion during the period January – September 2020 as compared with Rs102.62 billion in the same period of the last fiscal year.

Administrative expenses of the airline fell to Rs4.52 billion during nine-month period ended September 30, 2020 as compared with Rs4.99 billion in the corresponding period of the last fiscal year.

However, operational losses of the PIA increased sharply to Rs8.7 billion during the period under review as compared with Rs4.85 billion for the nine-month period ended September 30, 2019.

The PIA suffered an amount of Rs7.57 billion as exchange losses during the period. The company witnessed a loss of Rs11.60 billion as exchange loss in nine-month period of the last year.

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