PIA shows 46% revenue decline in half year

PIA shows 46% revenue decline in half year

KARACHI: Pakistan International Airlines Corporation Limited on Friday announced 46 per cent decline in net revenue for the half year ended June 30, 2021.

The airline recorded net revenue of Rs27.64 billion for the half year (January – June) 2021 as compared with Rs51.47 billion in the same half of the last year.

However, the losses of the company reduced sharply during the period. The net losses of the airline came down to Rs25 billion for the half year ended June 30, 2021 as compared with Rs36.536 billion in the corresponding half of the last year.

The airline said the cost of services reduced to Rs36.84 billion for the half year under review as compared with Rs55.7 billion in the same half of the last year.

Out of cost of services, the cost on aircraft fuel fell to Rs7.63 billion as compared with Rs14.65 billion.

Meanwhile, other costs of services, including salaries, wages and allowances also came down to Rs29.21 billion in the first half of 2021 as compared with Rs41 billion in the same half of the last year.

Administrative expenses fell to Rs2.59 billion when compared with Rs3.09 billion.

The airline made an exchange gain of Rs1.32 billion as compared with loss of Rs9.76 billion in the same half of the last year.

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