ISLAMABAD: Pakistan International Airlines (PIA) has gone from drowning in a Rs104 billion loss last year to raking in a Rs26.2 billion profit — but the PIA Holding Company has been left nursing a massive Rs47.5 billion loss.
According to the airline’s financial results submitted to the Pakistan Stock Exchange, PIA’s total revenue dropped 14.7% in FY24, falling from Rs237 billion to Rs204 billion. Passenger revenue also took a hit, sliding 14.62% from Rs 215 billion to Rs 184 billion.
There was some good news on the cargo front, with earnings climbing 25.15% to Rs 10.6 billion.
The airline also managed to slash its fuel expenses by 22.9%, cutting costs from Rs98 billion to Rs75.5 billion.
Operating expenses dropped 18.8%, from Rs20.6 billion to Rs 16.7 billion, while currency fluctuation losses plunged by a whopping 90% — from Rs 25.9 billion to just Rs 2.3 billion.
Interest expenses were also brought down sharply, tumbling 87.3% from Rs79 billion to Rs10 billion.
While PIA Company Limited recorded the Rs26.2 billion profit, the overall PIA Group still ended up in the red with a Rs15.3 billion net loss due to the heavy hit suffered by the holding company.
