ANL 31.50 Decreased By ▼ -0.29 (-0.91%)
ASC 18.90 Decreased By ▼ -0.83 (-4.21%)
ASL 26.27 Decreased By ▼ -0.13 (-0.49%)
AVN 91.95 Decreased By ▼ -0.05 (-0.05%)
BOP 8.30 Decreased By ▼ -0.06 (-0.72%)
BYCO 12.85 Increased By ▲ 0.06 (0.47%)
DGKC 127.20 Increased By ▲ 0.10 (0.08%)
EPCL 47.90 Decreased By ▼ -0.86 (-1.76%)
FCCL 24.18 Increased By ▲ 0.12 (0.5%)
FFBL 26.55 Increased By ▲ 0.25 (0.95%)
FFL 17.80 No Change ▼ 0.00 (0%)
HASCOL 11.32 Decreased By ▼ -1.01 (-8.19%)
HUBC 80.25 Decreased By ▼ -0.75 (-0.93%)
HUMNL 9.12 Increased By ▲ 0.36 (4.11%)
JSCL 23.40 Decreased By ▼ -0.93 (-3.82%)
KAPCO 43.07 Decreased By ▼ -0.18 (-0.42%)
KEL 4.30 Decreased By ▼ -0.21 (-4.66%)
LOTCHEM 15.99 Increased By ▲ 0.19 (1.2%)
MLCF 48.75 Increased By ▲ 0.10 (0.21%)
PAEL 35.40 Decreased By ▼ -0.40 (-1.12%)
PIBTL 11.96 Increased By ▲ 0.75 (6.69%)
POWER 10.20 Decreased By ▼ -0.16 (-1.54%)
PPL 90.49 Decreased By ▼ -0.66 (-0.72%)
PRL 26.15 Increased By ▲ 0.50 (1.95%)
PTC 13.00 Decreased By ▼ -0.01 (-0.08%)
SILK 1.84 Increased By ▲ 0.18 (10.84%)
SNGP 47.58 Decreased By ▼ -0.77 (-1.59%)
TRG 164.60 Decreased By ▼ -0.90 (-0.54%)
UNITY 44.75 Decreased By ▼ -2.35 (-4.99%)
WTL 4.14 Increased By ▲ 0.22 (5.61%)
BR100 5,278 Decreased By ▼ -22.7 (-0.43%)
BR30 27,522 Decreased By ▼ -167.85 (-0.61%)
KSE100 48,239 Decreased By ▼ -195.99 (-0.4%)
KSE30 19,426 Decreased By ▼ -94.82 (-0.49%)
Business & Finance PIAA (Pakistan International Airlines Corporation Limited (A)) 6.10 Decreased By ▼ -6.15%

PIA incurs over Rs7.5bn losses in first three months as Covid-19 dents aviation

  • Due to extremely challenging environment on account of COVID-19, PIA has attained gross loss of Rs 3.6 billion and operating loss of Rs 5.4 billion during the period ended March 31 2021.
08 May 2021

The coronavirus pandemic continued to dampen the global aviation industry, as Pakistan International Airlines (PIA) incurred a loss of over Rs7.5 billion in the first three months of this year.

PIA has released its financial report for the quarter ended March 31, 2021 stating that during the first three months of this year, PIA faced a deficit of Rs. 7.51 billion.

Due to extremely challenging environment on account of COVID-19, PIA has attained gross loss of Rs 3.6 billion and operating loss of Rs 5.4 billion during the period ended March 31 2021. It was assumed that after the introduction of vaccine operations will start to normalise in February/March 2021. However, third wave of COVID-19 strict border closure / quarantine conditions affected PIA routes including KSA, Gulf, Malaysia, UK etc.

PIA report said that the covid-19 pandemic deliver the largest shock to air travel and the aviation industry since the Second World War. Previously the adverse impacts on aviation of the 9/11 terrorist attacks and the 2007-08 global financial crisis was thought dramatic. But neither had an impact that compares with massive decline in global revenue passenger kilometres.

According to the report, PIA's A-class share lost Rs 1.44 per share and B-class lost 72 paise per share. PIA's total revenue stood at Rs 15.50 billion while PIA's expenditure stood at Rs 19.10 billion. ۔

The report released by PIA said that the operational loss of the airline was Rs 5.41 billion while the improvement in the value of the rupee benefited PIA by Rs 4.14 billion.

The report further said that PIA paid Rs6.24 billion in interest and loans.

The report said that the operating environment for PIA remains very challenging due to COVID-19. PIA has lost its key Umrah season due to restrictions imposed by KSA government.