PIA posts Rs 60.7b loss in first six months of 2023

KARACHI: Pakistan International Airlines (PIA) has released its financial report, revealing a loss of Rs 60.71 billion in first six of the year 2023, ARY News reported on Tuesday.

According to the report, PIA’s loss for six months in 2022 was Rs 41.31 billion as compared to the first six-month loss of 2023 which is Rs 60.71 billion.

The depreciation of the Pakistani rupee against the US dollar resulted in a loss of Rs27.45 billion in PIA’s finances while Rs 30.78 billion was spent on fuel and finance in the first half of 2023 whereas this amount was Rs 48.34 billion in 2022.

The revenue of PIA was recorded by 74 percent, reaching Rs59 billion, surpassing Rs34 billion compared to the previous year, while the operational profit also increased, reaching Rs 4.1 billion.

It is pertinent to mention here that the Work on the restructuring plan of Pakistan International Airlines (PIA) for privatization has been expedited.

As per details, the PIA administration sought applications from legal and corporate firms for the restructuring plan of the national flag carrier.

The Department of Contract Management has been directed to forward the applications by October 6.

The assets belonging to the PIA, including property, debts, aircraft, and employees, will be transferred to the new company and PIA will be presented to the investor as free from debt organization for privatization.