Pakistan International Airlines losses increase to Rs 50 billion

Islamabad [Pakistan], March 12 (ANI): Pakistan International Airlines (PIA) faced losses of PKR 50 billion during the calendar year in 2021 as compared to 34.6 billion in 2020, which is an increase of 47 per cent, according to a media report.
The News International newspaper reported that the total accumulated losses of PIA have been rising and stood in the range of Rs 400 to 500 billion.
The break-up of the financial position of PIA shows that the aircraft fuel cost stood at Rs 22.8 billion during the calendar year 2021 and the loss from operation registered at Rs 15.027 billion.
The PIA faced an exchange loss of Rs 7 billion, loss before interest taxation Rs 22.373 billion and finance cost of Rs 27.39 billion. The loss before taxation stood at Rs 49.763 billion and with payment of taxation of Rs 337.7 million, The News International reported.
Citing sources, the media outlet said that four major loss-making public sector enterprises included Pakistan Steel Mills, PIA, Pakistan Railways and power sector Distribution Companies (DISCOs) and their accumulated losses on a per annum basis stood at least Rs 300 billion.
Recently, PIA was granted an operating licence for Guangzhou and Xian in China.
Earlier it had licence only for Beijing, Pakistani flag carrier PIA can now start scheduling passenger flights to and from the above mentioned two cities, Geo News had reported.
Meanwhile, PIA's country manager Qadir Bux Sangi said that it has applied for the acquisition of an operating licence for Chengdu Station in China. (ANI)