Pakistan International Airlines Corporation Limited (PIACL) has announced its financial results for the nine months ended 30 September 2022.
It has posted a whopping loss of Rs. 67.39 billion, increasing by 57.8 percent compared to a loss of around Rs. 42.71 billion in the same period last year, according to a filing at the Pakistan Stock Exchange (PSX).
According to the PIAC’s results, its net revenue went up by 144.4 percent to Rs. 120.64 billion in January-September 2022 against Rs. 49.36 billion in the same period of last year however the cost of services soared to Rs. 125.15 billion, compared with Rs. 59.95 billion last year due to increase in oil prices and PKR depreciation.
Fuel costs during the period had a massive 314.8 percent increase from Rs. 13.43 billion in January-September 2021 to Rs. 55.75 billion in the same period this year.
The airline reported a gross loss of Rs. 4.5 billion compared to Rs. 10.6 billion last year, which is down by 57.4 percent.
Administrative expenses increased to Rs. 4.62 billion from Rs. 3.96 billion, while the distribution costs went up by 28.6 percent to Rs. 4.45 billion compared to Rs. 3.46 billion during the first nine months of 2022.
PIA is still struggling with its liquidity issues that have widened borrowings and raised the finance cost by 78.3 percent to Rs. 34.95 billion from Rs. 19.6 billion in 9MCY22. This increase was also influenced by a hike in interest rates.
The national carrier also reported a net exchange loss of Rs. 21.93 billion during the period in review, which is up by a massive 324 percent as compared to Rs. 5.17 billion recorded in the same period last year.
The company reported a loss per share of Rs. 12.87 as compared to a loss per share of Rs. 8.16 for the A-class ordinary share of Rs. 10. each. For the B class ordinary shares of Rs. 5 each, it reported a loss per share of Rs. 6.44 versus Rs. 4.08.
PIA’s scrip at the bourse was closed at Rs. 3.93, up by Rs. 0.07 or 1.81 percent, with a turnover of 164,500 shares on Monday.