Islamabad August 29 2023: Pakistan International Airline Corp (PIAA) reported loss surged 49 percent in first half of 2023 mainly on account of adverse exchange rates and corresponding finance cost, according to company filing to the exchange.
During the H1 2023, the airline generated a total revenue of PKR 127 billion as compared to PKR 74 billion in the corresponding period last year, witnessing an increase of 72.1 percent.
However, PIAA managed to increase the gross profit to PKR 17.1 billion in H1 2023 as compared to loss of PKR 2.6 billion in the same period last year. Aircraft fuel remained the single largest element of total cost with increment over average fuel costs and exceptionally higher exchange rates during the quarter.
