PIA Reports Massive Loss of Over Rs. 97 Billion in 2022

Pakistan International Airlines’ (PIA) losses surged to Rs. 97.2 billion in the calendar year 2022 (CY22) compared to losses of Rs. 53.4 billion reported in the previous calendar year (CY21). According to the airlines’ financial results for CY22 announced on Friday, the gross loss came in at Rs. 755 million compared to the gross loss of Rs. 8.4 billion reported in CY21. The airlines’ cost of services (that includes aircraft fuel and others) stood at Rs. 179 billion in CY22 compared to Rs. 96 billion reported in the previous year, primarily due to a jump in the cost of aircraft fuel from Rs. 22.8 billion to Rs. 79.6 billion during the year. The company’s loss from operations (operating loss) stood at Rs. 15 billion in 2022 compared to an operating loss of Rs. 18 billion reported in 2021. PIA’s net exchange loss stood at Rs. 25.2 billion in CY22 compared to a net exchange loss of Rs. 7.3 billion reported in CY21. PIA’s finance costs came in at Rs. 51.7 billion in CY22 compared to the finance cost of Rs. 28.5 billion reported in CY21. The company also posted an unrealized loss on investment property of Rs. 8.3 billion in CY22.