The financial information for the period that concluded on March 31, 2023, has been released by Pakistan International Airlines Corporation Limited (PSX: PIAA). According to a filing at the Pakistan Stock Exchange (PSX), PIA has suffered a startling loss after taxes of Rs. 38 billion, an increase of 164.8 percent from a loss of roughly Rs. 14.3 billion in the same period previous year.
Financial results for Pakistan International Airlines Corporation Limited have been released.In comparison to Rs. 35.3 billion during the same period last year, PIAA’s net revenue increased by 73.2 percent to Rs. 61.3 billion in January-March 2023, according to the company’s consolidated results. In contrast to previous year, when the cost of services was only Rs. 33.6 billion, it now totals Rs. 54.6 billion.
The airline posted a gross loss of Rs. 5.84 billion, an increase of 134% from Rs. 2.49 billion last year. Liquidity problems that PIA is still experiencing have led to higher borrowing costs and a rise in finance costs of 79.5 percent to Rs. 17.4 billion from Rs. 9.72 billion in the quarter.
In addition, PIA disclosed a net exchange loss of Rs. 20.93 billion for the studied period. The loss per share reported by the corporation was Rs. 7.26 as opposed to Rs. 2.74 for each A-class ordinary share worth Rs. 10. It declared a loss per share of Rs. 3.63 as opposed to Rs. 1.37 for the B class ordinary shares of Rs. 5 apiece.
The PIA share price was trading at Rs. 3.34 at the time this news was filed, up Rs. 0.04 or 1.21 percent, with 105,000 shares changing hands on Thursday.
In conclusion, Pakistan International Airlines Corporation Limited (PIA) has released its financial results for the first quarter of 2023, revealing a significant loss of Rs. 38 billion after taxes.
PIA’s gross loss also surged by 134% to Rs. 5.84 billion, while liquidity problems resulted in higher borrowing and finance costs of Rs. 17.4 billion. Furthermore, the company reported a net exchange loss of Rs. 20.93 billion.
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