Qudsia Bano

Pakistan International Airlines revenue climbed 123% to Rs34.5 billion in the first three months of the calendar year (CY) 2022 compared with Rs15.5 billion in the corresponding period of last year.

Similarly, the gross profit of the company, registering a growth of 136%, reached Rs1.3 billion in the three months of CY22, recovering from a loss of Rs3.6 billion in the corresponding period of CY21.

The net loss, however, increased by 81% to Rs13.6 billion compared with a loss of Rs7.5 billion in the corresponding period of last year, reports WealthPK.

Annual Results

As of Dec 31, 2021, the government of Pakistan owned 91.56% of the shares of the company. PIA Employees Empowerment Trust held 4.43%, public sector companies and corporations 0.10%, banks, development financial institutions and non-banking financial institutions 0.08%, individuals 3.57%, and ‘others’ 0.26%, reports WealthPK.

Financial Performance

During the CY2021, the company generated a net sales revenue of Rs86 billion, down by 9%, as against Rs95 billion in revenue in CY2020.

Gross loss for the year 2021 stood at Rs8.6 billion, up 444% from the profit of Rs2.46 billion of the previous year. Loss after taxation for the year was Rs50.1 billion with an increase of 37% compared to a loss of Rs36.64 million in 2020.

The earnings per share of the company have stayed negative since 2016.