On Monday, Pakistan International Airlines (PIA) provided the Pakistan Stock Exchange with its financial results for Q3CY22. With a net loss of Rs. 25 billion at the conclusion of the third quarter, the company’s cumulative net loss for the year now stands at Rs. 67 billion. Its cumulative loss for the same period last year was Rs42.7 billion, an increase of 58% year over year (YoY).
The biggest shift in PIA’s financials is the revenue rise of 35% quarter-over-quarter (QoQ), from Rs36.68 billion to Rs49.4 billion. Additionally, this is a YoY increase of 128% from Q3CY21. More nations lowering their travel restrictions and PIA later reestablishing direct flight links with several places after overcoming much of its fake pilot issue are to blame for both QoQ and YoY rises.
The rise in income has lessened PIA’s gross losses, which were Rs163 million. The cost of gasoline rose by 36%, or an additional Rs6.7 billion, representing the largest rise in corporate costs. The increase may be properly attributed to both the rise in fuel prices from Q2CY22 to Q3CY22 and the expansion of PIA’s activities, which has increased the requirement for fuel as a whole. Additionally, PIA was able to minimise its operational losses by 50% QoQ, from Rs6.4 billion to Rs3.2 billion. This is true even though its other income fell by 82% QoQ, from Rs 2.23 billion to Rs 392 million.
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