Karachi, Pakistan International Airlines Corporation Limited (PIACL) announced its financial results for the first quarter ended March 31, 2023, reporting a loss for the period. The Board of Directors of PIACL held a meeting on May 29, 2023, in Karachi, where they recommended various measures but declared no cash dividend, bonus shares, right shares, or any other corporate action. The company released its unconsolidated condensed interim statement of profit or loss for the period, highlighting the financial performance.
According to the statement, PIACL's revenue for the first quarter of 2023 stood at Rs. 61,308,146 (approximately US$240,319), compared to Rs. 35,390,530 (approximately US$196,619) for the same period in 2022. However, the cost of services, including aircraft fuel and other expenses, resulted in a gross loss of Rs. 54,692,471 (approximately US$214,387).
The company incurred distribution costs of Rs. 1,991,675 (approximately US$7,807) and administrative expenses of Rs. 4,307,744 (approximately US$16,886). After factoring in other provisions, adjustments, and income, PIACL reported a loss from operations of Rs. 5,848,507 (approximately US$22,926).
Furthermore, the company faced exchange losses, which amounted to Rs. 20,931,923 (approximately US$96,695). Combining the financial costs, PIACL's loss before taxation reached Rs. 37,623,218 (approximately US$162,124). After considering taxation, the net loss for the period was recorded at Rs. 38,006,286 (approximately US$163,626).
The loss per share for PIACL's "A" class ordinary shares of Rs. 10 each was Rs. 7.26 (approximately US$0.03), while the loss per share for "B" class ordinary shares of Rs. 5 each was Rs. 3.63 (approximately US$0.01).