PIA posts 35% decline in net revenues during 9MCY20
MG News | November 05, 2020 at 05:21 PM GMT+05:00
November 5, 2020 (MLN): Pakistan International Airlines Corporation Limited (PIA), has unveiled its financial results for the nine-months ended wherein it has reported a net loss of Rs 44 billion, down by around 5% YoY against net losses of Rs 46.69 billion reported in the corresponding period of last year.
This translated into a loss per share which decreased by nearly 5% YoY to Rs 8.50 per share for Class A, while for class B, the loss per share is Rs 4.46.
The major reason for the decrease in PIA’s losses was the significant decline in topline, down by 35% YoY to Rs 78 billion due to suspension in fight operations amid COVID-19, resulting in a decrease of gross profits by 89% YoY despite a 30% YoY reduction in the cost of services.
According to the results issued to PSX, the distribution and administration expenses fell by 10% and 11% YoY respectively. Besides, the state-owned airline’s other income surged considerably by four times YoY to Rs 1.123 billion.
The other positive highlights are a 48% decline in exchange losses along with a 6% fall in financial charges. Meanwhile, a massive decline of 98% YoY in taxes provided much-needed respite to the bottom earnings.
| Consolidated Profit and Loss Account for the nine months ended September 30, 2020 ('000 Rupees) | |||
|---|---|---|---|
|
| Sep-20 | Sep-19 | % Change |
| Revenue - net | 78,778,964 | 120,695,445 | -34.73% |
| Cost of services |
|
|
|
| Aircraft fuel | (18,082,109) | (36,258,002) | -50.13% |
| Others | (59,493,092) | (73,717,840) | -19.30% |
|
| (77,575,201) | (109,975,842) | -29.46% |
| Gross profit | 1,203,763 | 10,719,603 | -88.77% |
| Distribution cost | (4,346,241) | (4,829,704) | -10.01% |
| Administrative expenses | (9,294,920) | (10,418,403) | -10.78% |
| Other provisions and adjustments | (1,284,599) | (1,589,755) | -19.20% |
| Other income | 1,123,259 | 282,627 | 297.44% |
| Loss from operations | (12,598,738) | (5,835,632) | 115.89% |
| Exchange gain/(loss) - net | (7,568,399) | (14,454,755) | -47.64% |
| Finance costs | (24,328,636) | (25,828,417) | -5.81% |
| Share of loss from the associated company | - | (572) | - |
| Loss before taxation | (44,495,773) | (46,119,376) | -3.52% |
| Taxation | (13,302) | (578,231) | -97.70% |
| Loss for the period | (44,509,075) | (46,697,607) | -4.69% |
| Loss per share - A class ordinary shares | (8.50) | (8.92) | -4.71% |
| Loss per share - B class ordinary shares | (4.25) | (4.46) | -4.71% |
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