The Downfall of PIA: A Loss of Rs.75 Billion
Pakistan International Airlines (PIA) has reported a significant Rs75 billion loss for the nine-month period ending September 2023, according to their audited financial report.
While the national airline achieved a notable revenue increase, reaching Rs186 billion—a rise of Rs14 billion from the same period in 2022—this growth was overshadowed by substantial losses. Despite this, the loss figure represents a Rs12 billion improvement compared to the previous year, indicating progress amid ongoing challenges.
A considerable portion of PIA’s expenditure during this period was dedicated to aircraft fuel, totaling Rs91 billion. Administrative expenses saw a minor reduction, with costs amounting to Rs6.5 billion, down slightly from Rs6.35 billion in 2022.
In response to the financial difficulties, financial advisors are actively seeking to attract investment from key players in Qatar, Abu Dhabi, and Saudi Arabia to bolster PIA’s financial standing. The audited report has been submitted to the Securities and Exchange Commission of Pakistan (SECP), ensuring compliance with regulatory standards and transparency.
