Alveena Ahmad
The financial information for the period that concluded on March 31, 2023, has been released by Pakistan International Airlines Corporation Limited (PSX: PIAA).
According to a filing at the Pakistan Stock Exchange (PSX), it has suffered a startling loss after taxes of Rs. 38 billion, an increase of 164.8 percent from a loss of roughly Rs. 14.3 billion in the same period the previous year.
In comparison to Rs. 35.3 billion during the same period last year, PIAA’s net revenue increased by 73.2 percent to Rs. 61.3 billion in January-March 2023, according to the company’s consolidated results. In contrast to the previous year, when the cost of services was only Rs. 33.6 billion, it now totals Rs. 54.6 billion.
The airline posted a gross loss of Rs. 5.84 billion, an increase of 134% from Rs. 2.49 billion last year.
In the first quarter of 2023, distribution costs climbed by 42.9 percent to Rs. 1.39 billion from Rs. 1.39 billion while administrative expenses increased to Rs. 4.3 billion from Rs. 2.8 billion. Between January and March of 2022 and January and March of this year, fuel prices increased dramatically by a whopping 111 percent, from Rs. 12.1 billion to Rs. 25.5 billion.
Liquidity problems that PIAA is still experiencing have led to higher borrowing costs and a rise in finance costs of 79.5 percent to Rs. 17.4 billion from Rs. 9.72 billion in the quarter.
In addition, PIAA disclosed a net exchange loss of Rs. 20.93 billion for the studied period.
According to the corporation, the loss per share was Rs. 7.26, compared to Rs. 2.74 for each A-class ordinary share worth Rs. 10. It declared a loss per share of Rs. 3.63 as opposed to Rs. 1.37 for the B-class ordinary shares of Rs. 5 apiece.
The PIA share price was trading at Rs. 3.34 at the time this news was filed, up Rs. 0.04 or 1.21 percent, with 105,000 shares changing hands on Thursday.
