Losses likely for PIA

Pakistan International Airline (PIA) is poised to post losses again for the last quarter of financial year 2012-13. In the first quarter of 2012, which ended March 31, PIA load factor declined from 75% to 70.3% as compared to corresponding period last year. Cargo revenues also fell by Rs 43 million, with charter revenue down by Rs 399 million. Rising fuel prices increased fuel costs by 16%, while foreign exchange losses grew by 200%. PIA is also bearing the burden of its loss-making subsidiary companies PIA Investments Limited (PIAIL) and Skyrooms (Private) Limited that in the first quarter posted net