Losses likely for PIA

Victoria
By Victoria August 31, 2012 11:01

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 losses of 1.76 million dollars and net profit of Rs 2.9 million respectively.

PIA has managed to improve its overall punctuality during the past month from 60 to 85.8% for on time departures. ”

Victoria
By Victoria August 31, 2012 11:01
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