PIA suffers Rs42bn loss, up by 67% in 1HCY22
By MG News | August 25, 2022 at 12:38 PM GMT+05:00
August 25, 2022 (MLN): Pakistan International Airlines Corporation Limited (PSX: PIAA) has unveiled its half-yearly unconsolidated results ended on June 30, 2022 whereby the company has incurred huge losses of Rs41.85 billion, up by 67% YoY when compared to a net loss of Rs25bn reported in the same period last year.
This increase in loss was mainly due to higher finance costs and exchange losses.
During the period under review, Aircraft fuel costs shot up drastically to Rs30.6bn, up by four-fold against Rs7.63bn fuel recorded in SPLY. However, Airline witnessed 2.6 times YoY jump in its revenues as compared to the corresponding period last year amid the easing of travel restrictions which cause the gross loss to decrease by 53% in 1HCY22.
The organization continues to face liquidity problems which resulted in increased borrowings pushing the finance cost by 65% to Rs21.1bn. The increase in interest rate also contributed to this higher finance cost.
Due to the depreciation of the Pakistani Rupee (PKR) during the period, the Airline recorded an exchange loss of Rs13.84bn against the exchange gain of Rs1.3bn in 1HCY21.
The company paid an amount of Rs534mn as taxes during 1HCY22 against Rs8.5mn taxes paid in SPLY.
|
Unconsolidated Profit and Loss Account for the half year ended June 30, 2022 ('000 Rupees) |
|||
|---|---|---|---|
|
|
Jun-22 |
Jun-21 |
% Change |
|
Revenue - net |
71,195,627 |
27,640,968 |
157.57% |
|
Cost of services |
|
|
|
|
Aircraft fuel |
(30,577,846) |
(7,630,852) |
300.71% |
|
Others |
(44,959,684) |
(29,215,803) |
53.89% |
|
|
(75,537,530) |
(36,846,655) |
105.01% |
|
Gross loss |
(4,341,903) |
(9,205,687) |
-52.83% |
|
Distribution cost |
(2,914,613) |
(2,189,063) |
33.14% |
|
Administrative expenses |
(2,920,598) |
(2,598,238) |
12.41% |
|
Other provisions and adjustments |
(319,150) |
(528,749) |
-39.64% |
|
Other income |
4,130,223 |
942,760 |
338.10% |
|
Loss from operations |
(6,366,041) |
(13,578,978) |
-53.12% |
|
Exchange (loss)/gain |
(13,835,121) |
1,323,584 |
- |
|
Finance costs |
(21,117,570) |
(12,749,352) |
65.64% |
|
Loss before taxation |
(41,318,732) |
(25,004,746) |
65.24% |
|
Taxation |
(533,967) |
(8,497) |
6184.18% |
|
Net Loss for the period |
(41,852,699) |
(25,013,243) |
67.32% |
|
Loss per share - A class ordinary shares |
(7.99) |
(4.78) |
67.15% |
|
Loss per share - B class ordinary shares |
(4.00) |
(2.39) |
67.36% |
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