National airline PIA has revealed a net loss of Rs 36 billion 77 crore in the first 3 months of the current financial year.
PIA has released its financial results for the first quarter ending March 2023.
The Board of Directors of PIA has approved the accounts for the first quarter of the current financial year in its meeting held in Karachi yesterday.
According to the released calculations, the income of PIA from January to March 2023 was 59 billion rupees.
PIA’s income in the first quarter of this year has increased by 24 billion rupees compared to the income in the first quarter of 2022 last year.
Thus, compared to last year, PIA had a pre-tax gross profit of 5 billion in the first 3 months of this year, but due to uncontrolled expenses compared to income, PIA had a profit of 36 billion in the first 3 months of this financial year. There is a net loss of 77 billion rupees.
In the stock market, the loss per share of PIA has increased from Rs 2 60 paise to Rs 7 2 paise.
According to the ongoing financial report, in the quarter of March 2023, PIA purchased fuel worth Rs. 25 billion 60 crore, a major part of the loss is due to doubling fuel costs.
PIA spent Rs 28 billion 55 crore on salaries and running expenses while in the previous quarter PIA spent Rs 21 billion on salaries and running expenses.
PIA’s losses increased due to high fuel and dollar prices, rising interest rates and lack of cost control.
According to the report, the loss of PIA is 171% more than the same period of last year 2022.
Apart from this, PIA has suffered a loss of 21 billion rupees due to the increase in the value of the US dollar against the rupee.
Compared to the first three months of 2022, PIA recorded a 171% increase in its losses for the current financial year 2023.
During the first three months of this year, PIA could earn only 61 billion rupees.
According to the report, PIA’s operating expenses have increased to 43 billion rupees after an increase of 15 billion rupees.
Critics attribute this to the administrative incompetence of the current PIA leadership.
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