Pakistan International Airlines (PIA) on Wednesday released its financial results, revealing a loss of Rs 38 billion in the first quarter of the year 2023. According to the report, PIA’s loss for Q1 2023 is 171 per cent higher compared to the same period in 2022, posing a worsening financial situation of the National flag carrier. Meanwhile, the airline’s revenue for the first three months of the current year is recorded at Rs 61 billion. The depreciation of the Pakistani Rupee against US dollars is one of the primary factors which contribute to PIA’s financial woes.

The depreciation of the Pakistani rupee against the US dollar results in a loss of Rs21 billion in PIA’s finances, while the increase in the oil prices and interest rates further added the financial burdens to the airline. PIA’s operating expenses increased from PKR 15 billion to PKR 43 billion due to administrative incompetence. The financial report highlighted that the PIA’s operating expenses have surged from Rs15 billion to Rs43 billion, mainly due to the administration incompetence.

Credit: Independent News Pakistan-INP