PIA’s six-month loss exceeds Rs25 billion

Pakistan International Airlines (PIA) lost more than Rs25 billion in the first six months of 2021, a 31.5 percent year-on-year decrease from the previous year’s loss of Rs36.5 billion in the pandemic-plagued January-July period.

PIA’s income nearly halved from Rs51.5 billion in January-June 2020 to Rs27.6 billion in the same six-month period of 2021, according to its unconsolidated profit-and-loss account submitted to the Pakistan Stock Exchange (PSX).

A significant reversal aided the bottom line, as PIA achieved an exchange gain of Rs1.32 billion after reporting a loss of Rs9.8 billion.

In January-June 2021, its finance costs fell from Rs17.1 billion to Rs12.75 billion.