Karachi October 31 2022: Despite improvement in travelling and resumption of Hajj flights, PIA gross loss increased to PKR 67.3 billion in first nine months of 2022 compared with PKR 42.7 billion in the same period last year due to challenging environment on account of increase in fuel prices and rupee depreciation.
Airline post operating loss of PKR 4.5 billion during the first nine months of 2022 compared to PKR 10.6 billion in the same period last year, as per company filling to the exchange.
PIAA booked exchange loss of PKR 21.9 billion compared to exchange loss of PKR 5.2 billion in the same period last year.
Finance cost of the national carrier increased to PKR 34.9 billion in first nine month 2022 from PKR 19.6 billon due to higher interest rates.
As a result, loss of the PIAA increased to PKR 67.4 billion in first nine months of 2022 compared to PKR 42.7 billion in 2021.
PIA was incorporated in Pakistan on January 10, 1955. The principal activity of the Corporation is to provide commercial air transportation, which includes passenger, cargo and postal carriage services. Other activities of the Corporation include provision of engineering and other allied services.