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

Karachi: Pakistan International Airlines (PIA) on Tuesday has made public its financial report, which shows a loss of Rs 60.71 billion in the first half of 2023.

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 important to note that the reorganization plan for Pakistan International Airlines (PIA) has advanced due to the impending privatization.

According to details, the PIA management requested submissions from corporate and legal entities for the national flag carrier's restructuring plan.

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

The PIA's property, debts, aircraft, and staff will all be moved to the new business, and the PIA will be presented to investors as a debt-free entity ready for privatization.