Pakistan International Airlines (PIA) losses were reduced from Rs. 52.6 billion to Rs. 34.64 billion in 2020 according to a financial report by the airline.
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Despite a record decline in revenue due to the pandemic, the national flag carrier’s losses had declined by more than Rs. 18 billion to Rs. 34.64 billion, as revealed in a financial report filed with the Pakistan Stock Exchange (PSX).
PIA had earned Rs. 94.98 billion revenue during the year that ended on 31 December 2020 after having earned Rs. 147.5 billion revenue during 2019.
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Meanwhile, PIA has suffered a loss of Rs. 19 billion over the last nine months owing to the European Union Aviation Safety Agency’s (EASA) ban on its flight operations. This led to a deprivation of Rs. 2.2 billion every month since July 2020 after the six-month ban was imposed.
