KARACHI: Pakistan International Airlines (PIA) has released its financial report, revealing a loss of Rs 38 billion in the first quarter of the year 2023.
According to the report, PIA’s loss for Q1-2023 is 171 percent higher compared to the same period last year, posing a worsening financial condition of the National flag carrier.
The airline’s revenue for the first three months of the year 2023 has been recorded at Rs 61 billion. The depreciation of the Pakistani Rupee against US dollar is one of the primary factors which contributed to PIA’s financial woes.
The depreciation of the Pakistani rupee against the US dollar resulted in a loss of Rs21 billion in PIA’s finances, while the increase in the oil prices and interest rates further added financial burdens on the airline. PIA’s operating expenses increased from Rs 15bn to Rs 43bn due to administrative incompetence.
The financial report highlighted that the PIA’s operating expenses have surged from Rs15bn to Rs43bn, mainly due to the administration incompetence.
