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PIA posts Rs32b loss
KARACHI - Pakistan International Airlines, or PIA, announced an after-tax loss of Rs32 billion during the year ended December 2012.
According to figures released here, net revenue declined to Rs125 billion in 2012 from Rs127 billion the previous year.
So far, PIA’s losses during the tenure of the PPP-led coalition government rose to more Rs100 billion and total accumulated debts is at almost $2 billion. Gross profit declined to Rs4.6 billion from Rs5.8billion, while other costs rose to Rs12 billion from Rs11 billion. Exchange loss rose to Rs7 billion from Rs4 billion.
PIA officials said that the airline suffered losses due to fuel prices and heavy expenses incurred on an ageing fleet. The other reasons for the continued losses were due to alleged rampant corruption, induction of non-professionals and mismanagement.
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