Pakistan International Airlines Corporation Limited (PIACL) has released its financial results for the first half of fiscal year 2022, which ended on June 30, 2022.
According to a filing with the Pakistan Stock Exchange, it has incurred a staggering loss of Rs. 43.48 billion, an increase of 64% from a loss of around Rs. 26.53 billion in the same period last year.
According to PIAC’s consolidated results, its net revenue increased by 160 percent to Rs. 73.89 billion in January-June 2022 from Rs. 28.33 billion the previous year. The cost of services increased to Rs. 76.49 billion, up from Rs. 37.25 billion the previous year.
The airline reported a gross profit of Rs. 2.6 billion, a 71 percent decrease from Rs. 8.92 billion the previous year.
Administrative expenses increased by 34% to Rs. 5.708 billion from Rs. 4.91 billion in the first half of 2022, while distribution costs increased by 34% to Rs. 3.13 billion from Rs. 2.33 billion. Fuel costs increased by 300 percent during the period, from Rs. 7.63 billion in January-June 2021 to Rs. 30.57 billion in the same period this year.
PIA is still dealing with liquidity issues, which have resulted in increased borrowings and a 78.16 percent increase in finance costs to Rs. 21.70 billion from Rs. 12.18 billion in the first half of the year. This rise was also influenced by an increase in interest rates.
PIA also reported a net exchange loss of Rs. 13.82 billion for the period under consideration.
The company reported a loss of Rs. 8.31 per share, compared to a loss of Rs. 5.07 per share for the A-class ordinary share of Rs. 10 each. It reported a loss per share of Rs. 4.16 versus Rs. 2.54 for the B class ordinary shares of Rs. 5 each.
At the time of writing, PIA’s stock was trading at Rs. 4.93 on the bourse, down Rs. 0.42 or 7.85 percent, with a turnover of 7.5 million shares on Thursday.