Pakistan International Airlines’ (PIA) losses surged to Rs. 64.048 billion in the half-year that ended on June 30, 2023, compared to losses of Rs. 43.484 billion reported in the same period last year.
According to the airlines’ financial results for H1 2023 announced on Tuesday, the gross profit came in at Rs. 17 billion compared to the gross loss of Rs. 2.6 billion reported in SPLY.
The flag carrier didn’t announce any dividend payouts for its shareholders for the period in review.
According to PIA’s consolidated results, its net revenue went up by 72 percent to Rs. 127 billion in January-June 2023 against Rs. 73.9 billion in SPLY. The airlines’ cost of services (that includes aircraft fuel and others) stood at Rs. 110 billion in 1HCY23 compared to Rs. 76.5 billion reported in the previous year.
Administrative expenses increased to Rs. 10.2 billion from Rs. 5.7 billion, while the distribution costs went up by 45.2 percent to Rs. 4.55 billion compared to Rs. 3.13 billion during the first half of 2023.
The company’s loss from operations stood at Rs. 3.19 billion in H1 2023 compared to an operating loss of Rs. 7.46 billion reported in SPLY. PIA’s net exchange loss stood at Rs. 27.4 billion during the period in review, up over 98 percent compared to a net exchange loss of Rs. 13.8 billion reported in 1HCY22.
PIA’s finance costs came in at Rs. 38.7 billion in 1HCY23, up 78.5 percent compared to the finance cost of Rs. 21.7 billion reported in SPLY. The airline paid Rs. 1.07 billion in taxes during the half year, compared to Rs. 490 million in taxes paid last year.
The company reported a loss per share of Rs. 12.24 as compared to an LPS of Rs. 8.31 for the A-class ordinary shares of Rs. 10 each. For the B class ordinary shares of Rs. 5 each, it reported an LPS of Rs. 6.12 versus Rs. 4.16.
An organised campaign is being launched to sell this asset of Pakistan. But all patriotic people should come together to stop its sale. PIA is the pride of Pakistan. These losses are just short term losses. But PIA staff that is very professional will overcome these losses in future.
Comes out to 355 crore per day loss that ordinarily Pakistani’s will pay for the incompetence of 11.000 PIA employees.