KARACHI: Pakistan International Airlines (PIA) – the national flag carrier – has declared after tax loss of Rs67.32 billion for the year ended December 31, 2018.
According to financial statement of the national flag carrier shared with the Pakistan Stock Exchange (PSX) on Friday, the annual loss of the company further ballooned by 32 percent to Rs67.32 billion for the year 2018 as compared with the loss of Rs51 billion in the preceding year.
The net revenue of the airlines increased to Rs103.49 billion for the year under review as compared with Rs90.55 billion in the preceding year, registering an increase of 14.29 percent.
The rupee depreciation has increased the cost of services as fuel cost for the year 2018 increased to Rs43.55 billion as compared with Rs31 billion in the year 2017.
The operation losses of the airlines increased by 31.28 percent to Rs47 billion in the year 2018 when compared with Rs35.81 billion in the preceding year.
The board of directors of PIA approved the financial results in a meeting held on Thursday November 21, 2019.