PIA incurs appalling losses in 2017
MG News | July 19, 2019 at 10:15 AM GMT+05:00
July 19, 2019 (MLN): The Pakistan International Airlines (PIA) Corporation Limited has released its earnings for the year ended December 31, 2017 and its performance had been quite depressing considering that the national flag carrier observed abysmal loss of Rs.47.7 billion during the year.
This year’s losses were almost 7% higher than the losses suffered last year (Rs.44.8 billion).
Basic expenses like cost fuel expanded by 14% over the year, resulting in a gross loss of Rs.12.6 billion which was 2.5 billion greater than prior year.
While the company’s distribution costs and other provisions narrowed down, the potential positive impact was struck right off due to enhancement in net exchange losses and decrease in non-core income.
To add on, the finance cost (Rs.15.8 billion) jumped up as well (+16%).
| Profit and Loss Account for the year ended December 31, 2017 ('000 Rupees) | |||
|---|---|---|---|
|
| Jun-17 | Jun-16 | % Change |
| Revenue - net | 104,198,821 | 102,426,552 | 1.73% |
| Cost of services |
|
|
|
| Aircraft fuel | (30,940,544) | (27,152,814) | 13.95% |
| Others | (85,843,907) | (85,378,710) | 0.54% |
|
| (116,784,451) | (112,531,524) | 3.78% |
| Gross loss | (12,585,630) | (10,104,972) | 24.55% |
| Distribution cost | (5,493,562) | (5,599,538) | -1.89% |
| Administrative expenses | (9,216,245) | (9,198,376) | 0.19% |
| Other provisions and adjustments | (2,096,526) | (6,748,311) | -68.93% |
| Exchange loss - net | (2,203,396) | (298,940) | 637.07% |
| Other income | 461,148 | 658,786 | -30.00% |
| Loss from operations | (31,134,211) | (31,291,351) | -0.50% |
| Finance costs | (15,781,979) | (13,585,691) | 16.17% |
| Share of loss in an associate | (2,034) | (338) | 501.78% |
| Loss before taxation | (46,918,224) | (44,877,380) | 4.55% |
| Taxation | (817,948) | 117,916 |
|
| Loss for the year | (47,736,172) | (44,759,464) | 6.65% |
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