PIA posts 35% decline in net revenues during 9MCY20

News Image

By MG News | November 05, 2020 at 05:21 PM GMT+05:00

0:00

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%

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 130,344.03
345.79M
1.67%
2144.61
ALLSHR 81,023.99
1,021.87M
1.55%
1236.37
KSE30 39,908.26
141.62M
2.05%
803.27
KMI30 189,535.00
150.29M
1.40%
2619.39
KMIALLSHR 54,783.66
508.76M
1.07%
581.78
BKTi 34,940.73
55.86M
4.37%
1464.05
OGTi 28,296.06
16.02M
1.19%
333.47
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 108,060.00 108,430.00
105,440.00
2310.00
2.18%
BRENT CRUDE 67.87 68.10
66.94
0.76
1.13%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
0.75
0.78%
ROTTERDAM COAL MONTHLY 109.20 110.00
109.20
1.70
1.58%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.20 66.43
65.23
0.75
1.15%
SUGAR #11 WORLD 15.75 15.97
15.71
0.05
0.32%

Chart of the Day


Latest News
July 02, 2025 at 05:29 PM GMT+05:00

CDNS revises profit rates on savings schemes


July 02, 2025 at 05:05 PM GMT+05:00

PSX in FY25: From Oof to Boom


July 02, 2025 at 05:01 PM GMT+05:00

Gold price in Pakistan falls Rs600 per tola


July 02, 2025 at 04:35 PM GMT+05:00

Oil gains slightly as market eyes Iran, OPEC+ moves


July 02, 2025 at 04:02 PM GMT+05:00

PSX Closing Bell: Record Breaker



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg